Inspired Evolution to manage new investment vehicle backed by IFC and AfDB
Inspired Evolution has been appointed as the manager of Zafiri.
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Inspired Evolution has been appointed as the manager of Zafiri, a new investment vehicle focused on expanding access to electricity and clean cooking in sub-Saharan Africa.
Zafiri seeks to tackle one of the region’s most persistent energy-financing gaps by providing long-term equity to distributed renewable energy companies that play a key role in last-mile access. Its founding partners include the International Finance Corporation (IFC), the African Development Bank (AfDB), the Rockefeller Foundation, the Trade and Development Bank Group, and the Nordic Development Fund.
Inspired Evolution is a Cape Town-based investment firm focused on scaling clean energy and climate solutions across the continent. Founded in 2007, it has financed more than 10GW of renewable energy capacity, backed 29 companies in 18 African countries, and manages more than $850 million, including co-investments, through its Evolution fund suite.
“We are honored to partner with IFC, AfDB and global investors to manage Zafiri, a vehicle uniquely designed to close the equity financing gap for distributed energy solutions across Africa,” said Wayne Keast, co-founder and managing partner at Inspired Evolution. “We will focus on building and scaling high-impact businesses that can deliver clean, affordable and reliable energy while driving inclusive and climate-resilient economic growth.”
Zafiri is structured as a permanent capital investment vehicle that provides long-term equity to expand clean energy access in underserved markets. The vehicle leverages concessional junior equity to de-risk private sector participation and mobilise commercial capital into scalable off-grid and decentralised energy solutions. Backed by an initial $300 million capitalisation by 2026, Zafiri is expected to scale up to $1 billion to accelerate energy access in Africa.
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