AfDB commits $20m to PE fund

The board of directors of the African Development Bank (AfDB) has 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 an 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 2GW.

Christopher Clarke, co-managing partner at Inspired Evolution said, “AfDB has been a consistent supporter of Inspired Evolution since 2010 and this third capital commitment evidences our trusted partnership that has been established in the delivery of the AfDB climate goals for Africa.”

Wayne Keast, co-managing partner at Inspired Evolution added, “AfDB’s investment validates our track record and sophisticated investment management approach to accelerating Africa’s clean energy transition.”