Cape Town-based investment firm Inspired Evolution has been appointed as the manager of Zafiri, a newly launched investment vehicle aimed at expanding access to electricity and clean cooking solutions across sub-Saharan Africa. The initiative seeks to address one of the region’s most persistent challenges: the lack of long-term equity financing for distributed renewable energy companies that serve last-mile communities.
Zafiri is supported by a coalition of leading development finance institutions and philanthropic organizations, including the International Finance Corporation (IFC), the African Development Bank (AfDB), the Rockefeller Foundation, the Trade and Development Bank Group, and the Nordic Development Fund. These founding partners are committed to bridging the energy access gap through innovative financing mechanisms.
Inspired Evolution’s Track Record
Founded in 2007, Inspired Evolution has a strong track record in scaling clean energy and climate-focused businesses across Africa. The firm has financed over 10GW of renewable energy capacity, supported 29 companies in 18 African countries, and currently manages more than $850 million in assets, including co-investments, through its Evolution fund suite.
Wayne Keast, Co-founder and Managing Partner at Inspired Evolution, commented:
We are honored to partner with IFC, AfDB, and global investors to manage Zafiri, a vehicle uniquely designed to close the equity financing gap for distributed energy solutions across Africa. Our focus will be on building and scaling high-impact businesses that deliver clean, affordable, and reliable energy while driving inclusive and climate-resilient economic growth.
Structure and Impact of Zafiri
Zafiri is structured as a permanent capital investment vehicle, offering long-term equity to companies operating in underserved energy markets. It leverages concessional junior equity to de-risk private sector participation and attract commercial capital into scalable off-grid and decentralized energy solutions.
With an initial capitalization target of $300 million by 2026, Zafiri is expected to scale up to $1 billion, significantly accelerating energy access across the continent. The fund aims to catalyze sustainable development by supporting enterprises that not only provide energy but also contribute to job creation, gender inclusion, and climate resilience.
