Backing What Matters

Emerald Renewables is developing Eswatini’s first large-scale wood pellet manufacturing plant, converting sustainably sourced pine and eucalyptus sawmill residues into certified renewable biomass fuel for international energy markets. By transforming waste materials into high-quality industrial-grade pellets, the project enables coal displacement at utility-scale power plants, delivering significant carbon emission reductions. The plant benefits from a long-term, bankable offtake agreement with an established European biomass operator, ensuring revenue certainty from the outset. Developed through a strategic partnership between Emerald, Lesedi Nuclear Services, and Usutu Forest Products, and supported by funding from RUNNERSTONE FUND II, the project is anchored by experienced partners and strong market fundamentals.

Mawingu Networks Limited (Mawingu) is Kenya’s largest peri-urban internet service provider (ISP), delivering connectivity to underserved and hard-to-reach areas through a hybrid wireless and fibre-optic network. The company deploys cost-efficient wireless infrastructure to establish initial market presence, and transitions to fibre once customer density reaches scale, enhancing service quality, reducing latency, and supporting long-term customer retention.

PRIF Africa Holdings Limited (PAHL) is an investment holding company set up as a platform for investing in Data Centre (DC) assets in east and west Africa through Icolo (Kenya, Mozambique) and Digital Africa (Nigeria, Ghana). These investee companies specialise in designing, building and operating state-of-the art carrier neutral data centres, in partnership with Digital Realty.

RUNNERSTONE FUND I partnered with Digital Realty, a global leader in carrier-neutral data centres, to acquire Medallion Data Centres, Nigeria’s leading colocation and interconnection provider. Medallion operates strategic facilities in Lagos which serves as the RUNNERSTONEary connectivity hub in West Africa and a key landing point for multiple submarine cable systems.

The platform has since expanded capacity in Lagos, including new developments to support growing data demand and subsea cable connectivity, while also entering the Ghana market to capture regional growth opportunities. Positioned at the centre of West Africa’s digital infrastructure ecosystem, the platform is well advanced in its strategy to scale into a leading pan-African, carrier-neutral data centre operator.

GridX Africa develops and finances solar and battery storage solutions for commercial and industrial clients across sub-Saharan Africa, delivering cleaner, more reliable, and cost-effective power. The platform serves a diverse range of sectors, including hospitality, agribusiness, and industrial operations, with an established operating footprint across East and Southern Africa.

RUNNERSTONE FUND I’s investment supports the rollout of GridX Africa’s pipeline of solar and storage projects, enabling the platform to scale its operations and advance its pan-African growth strategy within the distributed energy sector.

RUNNERSTONE FUND I partnered with Digital Realty, a global leader in carrier-neutral data centres, to grow iColo into a leading data centre platform across East Africa. iColo develops and operates state-of-the-art, carrier- and cloud-neutral facilities, providing colocation services including power, security, network access, and precision cooling to a diverse customer base.

The platform currently operates data centres in key markets, including Nairobi and Mombasa in Kenya, and Maputo in Mozambique, with additional capacity under development across these locations. Positioned to support rapid growth in data demand and digital connectivity, iColo is well advanced in its strategy to scale into a leading regional data centre operator.

Lumos Global provides affordable, off-grid solar home systems to households and small businesses with limited or unreliable grid access across West Africa. Its solutions enable customers to replace diesel generators and kerosene lighting with cleaner, safer, and more cost-effective electricity, significantly reducing carbon emissions.

Through strategic partnerships, Lumos has established a scalable distribution model and is well positioned to expand its footprint into additional high-growth markets with constrained access to reliable electricity.

Railco Africa is a rail leasing and logistics platform formed through the merger of GPR Leasing Africa and Africa Rolling Stock Solutions, creating a scaled operator with a diversified fleet and broadened African footprint. The company provides flexible, fit-for-purpose rolling stock solutions, including locomotives and wagons, supported by maintenance, financing, and operational services.

With a well-maintained fleet operating across multiple markets, Railco enables efficient and cost-effective freight logistics, particularly for bulk and mining sectors. The platform is further supported by access to experienced rail operators and integrated logistics expertise, positioning it as a key enabler of reliable and sustainable freight transport across the region.

Zimborders is a Public-Private Partnership (PPP) established to upgrade and modernise the Beitbridge Border Post, the busiest land border crossing in Southern Africa and a critical gateway for regional trade. Delivered under a 17.5-year build-operate-transfer concession, the project involves a comprehensive redevelopment of border infrastructure, significantly improving capacity, efficiency, and security.

The upgraded border post has reduced congestion and processing times for freight and passengers, enhancing regional trade flows, logistics efficiency and reducing the cost of trade in the region. In addition to core border infrastructure, the project includes complementary social infrastructure such as housing, water and sanitation for the surrounding community. Positioned as a flagship PPP, Zimborders sets a benchmark for modern border post infrastructure and trade facilitation across the region.

The Fund successfully exited the investment in June 2026.

Gas HoldCo is a natural gas infrastructure platform focused on delivering cost-effective energy solutions to industrial users in South Africa. In partnership with Energy Group, the platform developed, owns, and operates natural gas transmission pipelines to support reliable and efficient energy supply for manufacturing operations.

The investment forms part of a broader strategy to expand gas infrastructure as a lower-cost and lower-emission alternative within the regional energy mix.

The Fund successfully exited the investment in November 2025.

SolarSaver is a distributed solar platform providing rooftop photovoltaic solutions to commercial and industrial clients across Southern Africa. Using a proprietary zero-capital, rent-to-own model, the platform enables businesses to reduce electricity costs by generating on-site renewable energy without upfront investment or operational complexity.

With a diversified portfolio of over 700 installations across multiple markets, SolarSaver scaled a flexible and capital-efficient model supporting both small and large energy users.

The Fund successfully exited the investment in November 2025.

ETG is a vertically-integrated African agribusiness with operations in procurement, warehousing, processing, distribution and merchandising. Reaching thousands of smallholder farmers, ETG employs over 7,000 people across many African countries, the Middle East, North America and Asia. With over 460 warehouses and more than 85 processing plants, ETG is a market leader in Africa’s maize, pulses, sesame seeds, cashew nuts and fertilizer sectors. Other commodities traded include coffee, tea, wheat, sugar and rice.

​ETG takes a long-term approach to Africa that includes investing in logistics networks and infrastructure. By owning and managing the supply chain from start to finish, ETG is able to maximize synergies and efficiencies at every stage and strategically match market origination capacities in one area with market consumption patterns in another. By placing its network of warehouses and other infrastructure in both rural and main agricultural-producing areas, ETG is able to bring the market directly to the farmer at farm-gate level. In turn, their network of small rural centres is used to sell imported fertilizer and other products such as rice to the farmers.

​In the previous financial year, ETG merchandised and distributed three million MT of commodities and plans to increase this to four million MT in 2020.

The Fund successfully exited the investment in December 2020.

RSAWEB is a full-service internet service provider offering cloud infrastructure, enterprise connectivity, mobile data management, and fibre broadband solutions. The company has built a strong presence in South Africa, supported by owned data centres and international points of presence, enabling reliable and scalable connectivity solutions.

RUNNERSTONE FUND I’s investment supported RSAWEB’s infrastructure expansion and growth.

The Fund successfully exited the investment in December 2020.

Octotel is an open-access Fibre To The Home (FTTH) and Business (FTTB) network operator providing connectivity in Cape Town, enabling customers to access services from a wide range of independent internet service providers.

RUNNERSTONE FUND I’s investment supported Octotel’s growth into one of South Africa’s leading independent fibre network operators.

The Fund successfully exited the investment in December 2020.