Asset manager Inspired Evolution has announced the second financial closing of its Evolution III fund. The deal, which attracted around ten investors, will support the energy transition in Africa.
The energy transition is underway in Africa and needs more financing. To meet this challenge, Inspired Evolution has completed the second closing of its Evolution III fund. The fund welcomed new investors such as Mauritius Investment Corporation (MIC), which is injecting $20 million. The consultancy firm Align Impact provided $3.25 million, raised from nine investors comprising a mix of individuals, trusts and foundations.
The aim of this financial closing is to support the deployment of renewable energies in Africa. “The expansion of renewable energy in sub-Saharan Africa is not just a regional imperative, it is also a global imperative, essential if we are to avoid being locked into decades of fossil fuel-based infrastructure”, says Yihana von Ritter, Director of Private Funds at Align Impact.
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Domiciled in Mauritius, the Evolution fund has been launched to finance renewable energy, energy efficiency, energy access and other resource efficiency projects, as well as investments in businesses in Africa. Its manager, Inspired Evolution, is aiming for a capitalisation of $400 million.
The fund’s first closing in 2023 raised $199.4 million from the African Development Bank (AfDB), the European Investment Bank (EIB), the Finnish Fund for Industrial Cooperation (FinnFund), the Emerging Markets Climate Action Fund (EMCAF), Swedfund International, the Swiss Investment Fund for Emerging Markets (SIFEM) and the Netherlands Development Finance Corporation (FMO).
Jean Marie Takouleu
