Evolution
III Fund, in partnership with international co-investors Dutch Development Bank FMO and STOA Infra and Energy, has successfully closed the 75% acquisition of the Red Rocket Group demonstrating confidence in the existing management team and co-shareholders, BKI. The new buyer consortium will add USD 160 million of fresh capital to recapitalise and scale up Red Rocket to become one of Africa’s leading renewable energy independent power producers .
The ground-breaking partnership brings together seasoned professional teams with deep clean energy sector experience and proven renewable energy project development and auction conversion success to ramp up Red Rocket’s activities across Africa. Red Rocket’s tenacity and management skills set offers unique agility and differentiated strategies with best-in-class demonstrated renewable energy auction success.
Red Rocket has been at the forefront of championing sustainable energy solutions, having achieved a series of remarkable milestones that underscore its unwavering commitment to clean energy.
Red Rocket’s journey continues to surge forward with its enduring partnerships as it brings much-needed renewable energy solutions to the people of Africa., 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 become one of Africa’s leading private clean energy utilities.