The new joint venture will see the re-capitalisation and positioning of Red Rocket to become one of Africa’s leading emerging renewable energy independent power producers (IPPs). Evolution II holds a majority shareholding in the reconfigured IPP platform, It is advised by Inspired Evolution, an Africa-focused investment advisory firm that specializes in clean energy infrastructure and resource efficiency investments.
The ground-breaking partnership brings together two seasoned professional teams with deep sector experience and proven renewable energy project development and auction conversion success to ramp up Red Rocket’s activities across Africa. The buy-out deal leverages the resources of multiple Development Finance Institutions (DFIs) and international investors together with local leading South African investment institutions active across Africa. They are secured via Inspired Evolution and Red Rocket’s existing relationships, to strengthen and forge stronger partnerships for its African expansion.
The team combines proven renewable energy technology selection with technical project development optimisation and innovation to offer full integration through its IPP platform solutions. The hands-on active value creation from Inspired Evolution complements Red Rocket’s capabilities to deliver on its African IPP expansion plans.
Red Rocket is an integrated renewable energy IPP that develops, designs, constructs operate and owns utility-scale grid-connected renewable energy projects (wind, solar, hydro, and biomass). It also has operations in multiple countries across Africa. Founded in 2012 and headquartered in Cape Town, the company now known as Red Rocket was originally set up as Africa and the Middle East business unit of Building Energy’s global operations.
The Group is also developing a portfolio in excess of 2 GW of additional best-in-class wind, solar, hydro and biomass projects to bid under future rounds of South Africa’s renewable energy independent power producer procurement program (REIPPPP). This also includes other procurement programs across various African countries.
Matteo Brambilla, Chief Executive Officer of the Red Rocket Group, said: “We are pleased to be partnering with Inspired Evolution. They bring sector expertise and proven project finance return performance to augment our efforts in building Red Rocket into one of Africa’s premier long-hold utility-scale IPP platforms offering the least-cost clean and reliable energy to African customers. Our auction successes under the REIPPPP in South Africa and in select countries across Africa are a testament to the innovation we continually apply to our renewable energy public and private bid strategies.”
Christopher Clarke, Managing Partner at Inspired Evolution, said: “Backing a commercially-astute professional team with demonstrated bid success to accelerate the deployment of utility-scale clean energy infrastructure in targeted countries across Africa, contributes to our mission. We share the vision with management for Red Rocket to continue to improve its competitiveness with agility and innovation to become a credible high-impact IPP platform of choice.”
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