Red Rocket Raises $160 Million Capital Increase
Red Rocket Raises $160 Million Capital Increase. South African renewable energy company Red Rocket has announced that it has raised $160 million in capital in order to pioneer cutting-edge solutions, drive industry innovation, and expand its footprint. The company took to LinkedIn to make the announcement.
The post read, “🚀Investment Announcement: Red Rocket raises $160 Million Capital Increase 🚀We are delighted to announce another momentous milestone in Red Rocket’s journey. This substantial capital injection will empower us to accelerate our mission of pioneering cutting-edge solutions, driving industry innovation, and expanding our footprint. We would like to thank Inspired Evolution Investment Management (Pty) Ltd FMO – Dutch entrepreneurial development bank STOA Infra & Energy for their confidence in our vision.”
Red Rocket is an integrated renewable energy IPP that develops, designs, constructs, operates, and owns utility-scale grid-connected renewable energy projects (wind, solar, hydro and biomass) with operations in multiple countr ies across Africa.
Founded in 2012 and headquartered in Cape Town, Red Rocket was originally set up as the Africa and Middle East business unit of Building Energy’s global operations. Red Rocket’s portfolio comprises 377 MW of projects in operation, under construction and awarded under public and private bids. The Group is also developing a portfolio in excess of 2 GW ofadditional best-in-class wind, solar, hydro and biomass projects to bid under future rounds of South Africa’s renewable energy independent power producer procurement programme (“REIPPPP”), and other procurement programmes across various African countries.
Red Rocket’s growth strategy is based on pursuing a balanced portfolio of renewable assets both in terms of geography, market maturity as well as currency exposure (ZAR, USD, EUR). From a technology perspective, Red Rocket is and will remain active in wind, solar, hydro and biomass. Today the group has over 75 employees located in South Africa and Uganda.
