South African independent power producer (IPP) Red Rocket has secured $160 million in fresh capital to support its business growth initiatives and expand its presence.
The funding round received support from Bill Kilgore Investments, a vehicle managed by the company’s shareholders, as well as an international consortium of investors that includes existing supporter Inspired Evolution, along with new partners STOA, an investment fund, and Dutch entrepreneurial development bank FMO.
Established in 2012 and headquartered in Cape Town, Red Rocket is involved in the development, construction, and ownership of renewable energy projects, including wind, solar, hydro, and biomass ventures across Africa.
The company currently has 985 MW of renewable energy capacity either operational, under construction, or nearing financial closure. Additionally, it boasts a development pipeline with a capacity of 12 GW, as indicated on its website.
Red Rocket aims to achieve more than 3 GW of assets in various stages of construction and operation within the next three to four years. The company initiated construction on its 84-MW Wolf Wind project in the Eastern Cape in March and placed an order for 373 MW of turbines earlier this year for wind projects that are in development.