AfDB Invests US$20 Million in Fund Targeting Renewable Energy Projects in Sub-Saharan Africa

  • The African Development Bank Group today approved an equity investment of $20 million in Evolution Fund III, a pan-African clean and sustainable energy private equity fund that is mobilising about $400 million into renewable energy and resource-efficiency assets across sub-Saharan Africa over a 10-year period.

Inspired Evolution Investment Management is a well-established fund manager with more than 15 years of experience and a track record of deploying more than $310 million in renewable energy projects in African counties. The fund manager, through its predecessor funds, has delivered 21 renewable energy projects with a total generation capacity of 2 GW.

EVIII aims to broaden geographic and technology scope to incorporate North Africa as well as several SSA countries and decentralized energy business models as the key climate mitigation and energy transition. The Bank’s support will contribute to an additional 2,162MW of installed renewable power generation capacity, 1.8 million tons of CO2 emission savings, and a green and sustainable growth across Africa by creating 2,480 full-time jobs, building on the track record of Evolution Funds I and II which generated about 1,309 jobs out of which 22% were women.

The African Development Bank and partners in the new fund will continue to provide growth capital and infrastructure equity to support renewable and sustainable energy, and focus on decarbonization, decentralization and digitalization as the key climate mitigation and energy transition strategies.

Author: Bryan Groenendaal

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