NEWS

H1 Holdings (H1) and Revego Fund Managers (RFM) have announced plans to explore a strategic merger aimed at creating one of South Africa’s largest dedicated renewable energy equity investment platforms, with a combined asset base of approximately R13.3 billion.

The proposed transaction would combine H1 Holdings’ diversified portfolio of predominantly operational renewable energy assets with RFM’s institutional investment platform, including the Investec-backed Revego Africa Energy Fund. The merged entity is expected to support the next phase of South Africa’s energy transition by enhancing market liquidity, facilitating capital recycling, and attracting long-term infrastructure investment.

According to Ziyaad Sarang, Chief Investment Officer at RFM, the renewable energy sector is entering a more mature phase, characterized by a growing base of operational assets and increased participation from institutional investors. He noted that the proposed merger is designed to create a scaled platform capable of acquiring and managing renewable energy assets while supporting secondary market activity and expanding institutional ownership.

H1 Holdings’ portfolio currently spans 26 renewable energy projects across wind, solar, battery energy storage, and hydropower technologies. RFM contributes an established fund management platform with experience in raising and deploying long-term infrastructure capital. Together, the organizations aim to provide investors with access to a diversified, open-ended renewable energy investment vehicle with significant growth potential.

Reyburn Hendricks, CEO of H1 Holdings, said the transaction would strengthen the depth and efficiency of South Africa’s renewable energy market while enabling H1 to continue focusing on originating, developing, acquiring, and optimizing infrastructure assets. He added that the combined platform would support long-term ownership of renewable energy infrastructure and contribute to broader economic participation in the energy transition.

The merged platform is expected to play an active role in anticipated industry consolidation from 2028 onward and aims to become a preferred investment vehicle for South African pension funds, insurers, and institutional investors seeking long-term, inflation-linked returns from operating renewable energy assets. The transaction remains subject to regulatory, lender, and stakeholder approvals, with both organizations continuing to operate independently until completion.