Inspired Evolution in East African solar energy deal
Inspired Evolution in East African solar energy deal
STOA and IBL Energy have sold a stake in Equator Energy to the Evolution III Fund.
Africa Private Equity News’ Connect messaging service is now free. Directly message other private equity professionals in our community.
Download the free Africa Private Equity News app: Android | iOS (or search for it in the app store)
Tap on the top-right icon to log in or register a free account
Tap on bottom-right Connect icon to start chatting
STOA and IBL Energy have offered a significant minority stake to Inspired Evolution’s Evolution III Fund in the company holding a majority stake in Equator Energy Limited, a commercial and industrial (C&I) solar provider in East Africa. STOA and IBL Energy had closed the initial transaction in June 2023.
STOA is the energy and infrastructure impact fund created by Caisse des Dépôts et Consignations (CDC) and Agence Française de Développement (AFD).
Evolution III Fund is managed by Inspired Evolution, an Africa-focused climate impact investment manager specialising in clean energy infrastructure, energy access and resource efficiency investments.
IBL Energy is a wholly-owned subsidiary of the Mauritian-listed IBL Group based in Port Louis.
Equator Energy is a vertically integrated C&I developer in East Africa. The company has a growing development pipeline and has set itself a target to develop, construct, and operate 300 MW of solar projects over the next five years.
Marie-Laure Mazaud, CEO of STOA said, “We are happy to welcome Evolution III in the consortium. Alongside IBL Energy, our initial partner, we trust that our three professional teams have more than the skillset and the financial strength required to help Equator Energy achieve its goal of becoming the leading player in the solar C&I space in Africa.”
Pierre Egot, managing director of IBL Energy said, “Evolution III brings a deep knowledge of the C&I sector in Africa and a very good understanding of the Southern African energy markets. With Evolution III at our side, the consortium will be stronger to support Equator Energy’s management team in achieving their ambitious growth targets.”
Steven Faure, partner at Inspired Evolution said, “Equator Energy offers a proven and credible management team to accelerate the deployment of clean energy solutions across select African countries. Equator Energy will contribute to our mission of advancing clean energy infrastructure investment across the continent.”
Sebastian Noethlichs, CEO of Equator Energy said, “We are excited to have Evolution join IBL and STOA as shareholders in Equator Energy. We believe their collective expertise, capabilities, and industry experience will accelerate Equator Energy's growth trajectory to achieve the 300 MW target within 5-6 years. This investment is a testament to their confidence in our team, customers, and markets, and we are excited to have their support as we reach the next milestones.”
* Subscribe to Africa Private Equity News’ monthly Dealmaker’s Log for a database of the reported investment deals, exits and fundraising closes. Click here for more information.