PE firm raises nearly $200m for clean energy investments in Africa
Inspired Evolution Managers Limited, a private equity firm focused on climate and clean energy infrastructure investments in Africa, has closed the first round of funding for its third fund, Evolution III Fund, with $199.4 million in conditional commitments from seven international investors. The target close for the fund is $400 million, which is expected to be achieved within the next 12-18 months.
The Evolution III Fund aims to invest in various energy transition strategies such as traditional utility-scale grid-connected IPP platforms, decentralised commercial and industrial (C&I) private offtake opportunities, off-grid solutions, and energy-as-a-service (EaaS) micro-grid infrastructure-type offerings. The fund will also look to invest growth equity into energy and resource-efficiency technology-based businesses.
The fund’s investors include the European Investment Bank, FMO, the African Development Bank, FinnFund, the Emerging Markets Climate Action Fund (EMCAF), Swedfund, and the Swiss Investment Fund for Emerging Markets (SIFEM).