REPP’s objective was to facilitate renewable energy investment in Africa in order to increase energy access given the significant unmet demand across much of the continent and to contribute to the mitigation of greenhouse gas emissions.

REPP was established in 2015 and commenced operations in 2016. As of the end of 2025, REPP had enabled 1.53m first-time connections to electricity, supported 3,966 microbusinesses and created 17,475 cumulative jobs. In addition, 213ktCO2e has been avoided, with a lifetime (cumulative) target of 2,744ktCO2e.

While REPP was closed to new investments at the end of 2023, existing investments have continued to be supported to ensure that the platform continues to deliver meaningful impact, as well as to facilitate the maximisation of value created in the portfolio. As a result of the continued support of investees, REPP expects that the capacity it has enabled will increase from 38.8MW at the end of 2025 to 46.1MW at the end of 2026. This further expansion of capacity will enable a small increase in first-time connections. Part of the increased capacity will enable improved supply to existing connections, resulting in an additional c.10% increase in CO2 mitigation.

In addition to realising ongoing benefits from existing investments, REPP is focused on maximising the value of its investments, with recovered value being redeployed towards REPP’s successor, REPP 2. To date, REPP has committed to invest USD35m in REPP 2 and will increase this commitment as further value is realised. REPP 2 builds on the insights and successes of REPP and continues to raise capital, with final close targeted for year-end 2026. It is successfully attracting new funders, further validating the pathbreaking role that REPP assumed. Moreover, REPP 2 closed its first transaction in 2025, with two additional projects expected to close in 2026. We expect the scale and frequency of transactions to increase as the fund develops further momentum.

The Board previously reported that increased emphasis was being placed on governance and reporting, two areas where progress has been made. Improved portfolio reporting has facilitated identifying areas for further analysis, supporting enhanced decision-making, stronger portfolio management, and more effective resolution of company-related issues.

REPP, supported by public capital and the vision and commitment of public sector partners, has demonstrated meaningful impact: not only through enabling projects and investee initiatives and improving the lives of a significant number of people, but also by helping to establish a new investment class and laying the foundations for REPP 2, a new participant in the sector with substantial experience on which to draw.