Building Energy, Inspired Evolution Partners for Renewables in Africa and the Middle East

Building Energy in partnership with Inspired Evolution, has successfully closed the buy-out of its African and Middle East business and launched Red Rocket, an independent power producer (IPP).

The new joint venture (JV), funded by Inspired Evolution’s Evolution II Fund, plans to re-capitalize and position the company to become a prominent emerging renewable energy power producer in the region.

Inspired Evolution is an Africa-focused investment advisory firm that specializes in developing clean energy infrastructure in the region. The release noted that Evolution II holds the majority of the stakes in the new company, as advised by Inspired Evolution.

The announcement said that the newly formed company was originally formed in 2012 as Building Energy’s African and Middle East business units. It is headquartered in Cape Town and has a renewable portfolio of 377 MW, including projects that are in operation, under construction, and have been awarded under public and private bids.

It added that the group is also currently developing a portfolio over 2 GW with the wind, solar, hydropower, and biomass projects to bid under future rounds of South Africa’s renewable energy independent power producer procurement program (REIPPP), and other such programs across Africa.

“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,” said Christopher Clarke, Managing Partner at Inspired Evolution.