Finnfund invests in clean energy PE vehicle
Finnfund, the Finnish development financier and impact investor, has announced a $20 million commitment to the Evolution III Fund, managed by Inspired Evolution. The pan-African equity fund aims to foster the availability and accessibility of clean energy and increase energy efficiency.
Riikka Molander, associate director and head of funds at Finnfund said, “Our investment in Evolution III Fund marks our commitment to enhancing the production and availability of clean energy across the African continent as well as fight against climate change. This investment builds on several of Finnfund’s strategic goals, such as making €1 billion worth of new investment in climate finance by 2030 as well as maintaining our investment portfolio carbon net negative.”
Finnfund’s commitment is part of the first closing of the fund. Evolution III closed at $199.4 million in conditional commitments from seven international investors, including several development finance institutions, allowing a further 12-18 months window to reach its target close of $400 million in capital commitments. The fund will target around 10 to 15 investments over an investment period of five years.