H1 and Revego Assess Merger to Create Over $800M Renewable Energy Investment Platform

H1 Holdings and Revego Fund Managers are evaluating a merger that would create one of South Africa’s largest specialist renewable energy equity platforms, with a combined asset base of about $800m.
The proposed deal would unite H1 Holdings’ portfolio of operational renewable assets with the Investec-backed Revego Africa Energy Fund platform, creating a larger vehicle aimed at institutional investors seeking long-term exposure to energy infrastructure.

H1’s portfolio includes interests across 26 projects spanning wind, solar PV, battery storage and hydroelectric generation. The group has built a track record in originating, developing and recycling infrastructure capital. Revego, by contrast, operates a regulated institutional fund platform focused on long-duration infrastructure investment and cash-yielding assets.

The combined platform is expected to provide investors with access to a diversified, open-ended renewable energy vehicle designed for continued capital raising and secondary market expansion.
South Africa’s renewable energy sector is entering a new phase of maturity, marked by a growing base of operational assets and increasing participation from institutional investors.

According to Ziyaad Sarang, Chief Investment Officer at Revego, the proposed merger aims to capitalise on growing opportunities in South Africa’s renewable energy secondary market by establishing a larger and more robust investment platform. He said the combined entity would provide the scale, organisational structure and access to capital needed to acquire and manage operating renewable energy assets, while supporting increased secondary-market transactions and facilitating further investment in the country’s energy transition.

“The transaction allows H1 to continue doing what it does best, which is originating, developing, acquiring and optimising infrastructure assets.
Reyburn Hendricks, chief executive of H1 Holdings
This is an important step towards building the kind of scaled, well-governed domestic platform that the sector needs as it enters its next phase of growth.

Andre Wepener, head of structured finance solutions at Investec Corporate and Investment Banking
Sector analysts say the transaction reflects a broader shift in South Africa’s renewable market as early-generation investors begin exiting mature projects and ownership transitions towards pension funds, insurers and other long-term capital providers.

Revego’s institutional platform has already attracted support from domestic investors through its Africa Energy Fund, while Investec has backed the manager since launch as both shareholder and investor.
If completed, the merger would create a larger domestic platform capable of acquiring operational assets, recycling capital into new projects and supporting consolidation across South Africa’s growing secondary market for renewable infrastructure.

The transaction remains subject to regulatory approvals, lender consent and stakeholder agreement.