Red Rocket hires Goldman Sachs to ‘explore strategic options’

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  • Bloomberg reports that South African IPP, Red Rocket Pty Ltd., has hired Goldman Sachs Group Inc. to advise on the next steps for the closely held business — including a possible sale. 

Shareholders of the Cape Town-based company “have decided to explore strategic options,” for the business, Chief Executive Officer Matteo Brambilla said by email to Bloomberg.

Originally an Italian IPP who set up office in South Africa back in 2012, Red Rocket was more recently born from the Management buy-out of the African platform of Building Energy supported by EVO Fund managed by Inspired Evolution. As of 2020, Red Rocket is an African Independent Power Producer with holding offices in Mauritius and owned by the EVO II Fund and the people of Red Rocket including its management and employees.

The group raised $160 million from investors last year, and is currently constructing another 750 megawatts of projects to add to the portfolio which includes hydro, wind and solar power. They have 53 full-time employees that together with 18 long-term consultants employed mainly in projects under construction, and 120 operators in the O&M teams in South Africa and Uganda, brings the total headcount to over 190.

Author: Bryan Groenendaal


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