South African independent power company Red Rocket has hired Goldman Sachs Group to advise on the next steps for the privately held business, including a potential sale.
The Cape Town-based company's shareholders have “decided to consider strategic options” for the business, CEO Matteo Brambilla said in an email.
Red Rocket, backed by French infrastructure and energy investment firm STOA and Dutch financial firm FMO, among others, has invested an estimated $1 billion in renewable energy projects across Africa, according to the company's website. The group raised $160 million from investors last year and is currently building 750 megawatts of projects to add to its portfolio.
The company is one of South Africa's recently established independent power companies, seeking to take advantage of a gap in the market left by state-run Eskom Holdings SOC, which has struggled financially and for years to maintain power supplies. Lights up. Further deregulation of the country's power sector is expected to boost its growth, especially as more people seek better options than relying on government-owned groups.
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