Cape Town-based Independent Power Producer (IPP), Red Rocket, has received a substantial capital injection of $160 million from various stakeholders, including Bill Kilgore Investments, clean energy investors Evolution II and III Funds managed by Inspired Evolution, STOA, and FMO, the Dutch entrepreneurial development bank. This investment will bolster Red Rocket’s commitment to advancing sustainable energy solutions across Africa. The IPP has achieved notable milestones in the renewable energy sector, and this new funding will further accelerate its mission.
Key Points:
- Red Rocket, a leading Independent Power Producer (IPP) in Africa, has secured $160 million in funding from Bill Kilgore Investments, Inspired Evolution, STOA, and FMO.
- The investment will support Red Rocket’s efforts to develop and expand clean energy projects across Africa, with a focus on wind, solar, and hydropower solutions.
- Red Rocket has achieved significant milestones in the renewable energy sector, including owning one of South Africa’s first PV projects and winning a substantial share in the Round 6 auction of South Africa’s renewable energy independent power producer procurement programme (REIPPPP).
- Inspired Evolution, FMO, and STOA express confidence in Red Rocket’s management team and its potential to scale the business, targeting over 3 GW of construction and operational assets in the next 3-4 years.
Analysis: Red Rocket’s successful capital raise reflects the growing confidence in the potential of renewable energy in Africa. The investment from stakeholders like Inspired Evolution, FMO, and STOA highlights the significance of Red Rocket’s mission in advancing sustainable energy solutions on the continent. Red Rocket’s track record in pioneering clean energy projects positions it as a key player in Africa’s transition toward a more sustainable energy future. The funding will empower Red Rocket to continue its impactful work, contributing to economic development, job creation, and environmental sustainability across the region.
