Evolution III Fund, IBL Energy, and STOA Invest in Equator Energy, East Africa’s Leading C&I Solar Provider

In a significant move towards advancing clean energy solutions in East Africa, Evolution III Fund, the latest next-generation energy transition fund managed by Inspired Evolution, has finalized a significant minority co-investment in Equator Energy Ltd (Equator Energy). This partnership, joined by IBL Energy and STOA, aims to bolster Equator Energy’s position as the leading commercial and industrial (C&I) solar provider in the region.

Evolution III Fund, managed by Inspired Evolution, specializes in clean energy infrastructure investments with a focus on Africa. STOA, an energy and infrastructure impact fund created by Caisse des Dépôts et Consignations (CDC) and Agence Française de Développement (AFD), and IBL Energy, a subsidiary of the Mauritian-listed IBL Group, also contribute to the consortium, bringing together seasoned professional teams with deep experience in the clean energy sector.

Equator Energy, renowned for its vertical integration in C&I development in East Africa, has set ambitious targets to develop, construct, and operate 300 MW of solar projects over the next five years. This investment consortium aims to leverage its collective expertise and industry experience to accelerate Equator Energy’s growth trajectory and achieve these targets within the specified timeframe.

Sebastian Noethlichs, CEO of Equator Energy, expressed enthusiasm about the partnership, emphasizing the consortium’s confidence in Equator Energy’s team, customers, and market potential. Pierre Egot, Managing Director of IBL Energy, highlighted Evolution III’s deep knowledge of the C&I sector in Africa, stating that the consortium’s strengthened support will aid Equator Energy in achieving its growth objectives.

Marie-Laure Mazaud, CEO of STOA, echoed these sentiments, emphasizing the professional teams’ combined skillset and financial strength in supporting Equator Energy’s vision of becoming a leading player in the solar C&I space in Africa.

Anthony Ngugi, an Investment Director at Inspired Evolution, emphasized Equator Energy’s role in advancing clean energy infrastructure investment across the continent, underscoring the consortium’s commitment to driving sustainable energy solutions in select African countries.

The partnership between Evolution III Fund, IBL Energy, and STOA represents a significant step towards accelerating the deployment of clean energy solutions in East Africa, positioning Equator Energy as a key player in the region’s renewable energy landscape.