Inspired Evolution’s Evolution II Fund has partnered with Building Energy management to acquire Building Energy’s Africa and Middle East business. The new company, re-branded as Red Rocket, is majority owned by Evolution II and is being positioned as a new African integrated independent power producer.
Building Energy established the headquarters for its Africa and Middle East business in Cape Town in 2012. The company develops, designs, builds, operates and owns utility scale renewable energy projects across Africa. It currently has about 377MW of plants operating, in construction, or awarded following tenders in its portfolio and plans to increase this to 2GW.
Building Energy has had particular success in South Africa’s renewable energy independent power producer procurement programme (REIPPP), which is expected to start procuring further capacity towards the end of 2021. The company has several projects in the pipeline in the country which are likely to be bid. Through the Evolution I Fund, Inspired Evolution has backed five projects selected through the REIPPP.
Building Energy also had two 20MW projects selected through the first round of KfW’s Global Energy Transfer Feed-in Tariff (Get Fit) programme in Zambia: Bulemu West and East. Other assets include the 50MW Sikasso solar PV project in development in Mali, the 10MW Tororo North solar PV plant operating in Uganda, and the 5MW Klawer wind project selected through South Africa’s small projects IPP procurement programme.
Inspired Evolution is the investment advisor to Evolution I and Evolution II Funds. It is a renewable energy infrastructure and resource efficiency investment advisory platform which been involved in financing and development of up to 1.2GW of projects across Africa. Investors in its funds include the African Development Bank, the United Kingdom’s CDC Group, Cyane Holdings Ltd, the European Investment Bank, the Netherlands’ FMO and the Finnish Fund for Industrial Cooperation.
Inspired Evolution managing partner Christopher Clarke said that “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 the Red Rocket Group to continue to improve its competitiveness with agility and innovation to become a credible high-impact IPP platform of choice.”
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