Inspired Evolution, a leading Pan-African climate-centered private equity firm specializing in clean energy infrastructure and energy and resource-efficiency investments, proudly announces the second close of its Evolution III Fund as of May 31, 2024.
The Evolution III Fund has garnered commitments from ten new investors, including the Mauritius Investment Corporation (MIC), which has committed up to USD 20 million. Additionally, nine investors through Align Impact, a dedicated impact advisory firm, have joined, comprising a mix of individuals, trusts, and foundations.
Since 2007, Inspired Evolution has financed the development and operations of over 4 GW of renewable energy infrastructure projects and numerous growth equity investments across Sub-Saharan Africa. The firm’s investment focus includes clean energy infrastructure, energy access, energy and resource efficiency, and the supporting value chains.
The Evolution III Fund achieved its first close in March 2023, securing USD 199.4 million in conditional commitments from seven international investors, including the European Investment Bank (EIB), Dutch Development Bank FMO, African Development Bank, Finnfund, Swedfund, Swiss Investment Fund for Emerging Markets (SIFEM), and Emerging Markets Climate Action Fund (EMCAF).
The Mauritius Investment Corporation aims to support Mauritius’ economic development through strategic investments. Jitendra Bissessur, CEO of the MIC, stated, “We are delighted to partner with Inspired Evolution, Africa’s leading private equity investors focused on clean and renewable energy and energy transition. Our investment will help create a significant social, environmental, and economic impact for Africa.”
Align Impact, a female-founded investment advisory firm, specializes in impact investment strategies. Yihana von Ritter, Director of Private Funds, commented, “We are honored to join forces with the experienced Inspired Evolution team in fostering a greener future for Africa. Evolution III represents an attractive opportunity to make a meaningful difference in addressing climate change while targeting strong returns for investors.”
Wayne Keast, Co-Founder and Managing Partner at Inspired Evolution, expressed excitement about the new investors, including the MIC, supporting Evolution III. “Our extensive 17-year experience in African clean energy and climate finance investments has been pivotal in achieving significant milestones. The second close of Evolution III demonstrates the robustness of our investment strategy and the confidence our investors have in us.”
Christopher Clarke, also Co-Founder and Managing Partner at Inspired Evolution, highlighted the increasing demand for climate-focused, socially responsible investments. “Our first investments from Evolution III in Red Rocket Holding and Equator Energy exemplify our commitment to advancing Africa’s energy transition through sustainable energy solutions. The success of our second close underscores our team’s deep expertise and unwavering commitment to achieving superior returns while promoting sustainable development goals.”
Evolution III is positioned as a next-generation energy transition fund, offering sophisticated investment strategies in utility-scale, grid-connected IPP platforms, decentralized commercial and industrial (C&I) private offtake opportunities, off-grid solutions, and energy-as-a-service (EaaS) mini and micro-grid infrastructure opportunities. The fund also seeks to invest in growth equity for energy and resource-efficiency technology-based businesses that aim to reduce resource footprints. Evolution III aims to provide investors with long-term capital growth and yield by taking significant minority and controlling equity stakes.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
