Inspired Evolution, a Pan-African private equity firm, has successfully completed the second closing of its Evolution III fund, securing additional capital to bolster clean energy initiatives across Africa. The fund has garnered the interest of ten new investors, with the Mauritius Investment Corporation (MIC) making a notable commitment of $20 million.
Additionally, Align Impact, a consulting firm, has made a significant contribution of $3.25 million, representing a consortium of individual investors, trusts, and foundations.
Yihana von Ritter, a director at Align Impact, emphasized the importance of expanding renewable energy in sub-Saharan Africa, not only for the region’s development but also for global environmental impact. She pointed out that this investment is pivotal in preventing the long-term dependency on fossil fuel infrastructure in these countries.
The Evolution III fund, which is based in Mauritius, is dedicated to investing in projects that promote renewable energy, enhance energy efficiency, and focus on resource efficiency. Managed by Inspired Evolution, the fund has set an ambitious target of reaching a capitalization of $400 million.
The initial closing of the fund in 2023 raised $199.4 million, contributed by a group of development finance institutions, including the African Development Bank (AfDB), the European Investment Bank (EIB), and the Netherlands Development Finance Corporation (FMO).
The latest funding round signifies the sustained interest and confidence in Africa’s clean energy sector. With the Evolution III fund, Inspired Evolution is strategically positioned to be a driving force in the continent’s transition towards sustainable energy solutions.
