Inspired Evolution Investment Management‘s third fund has won an investment commitment from the African Development Bank. The multilateral development finance institution has agreed to invest $20 million in the planned $400 million fund, joining other DFIs such as the European Investment Bank on the fund’s roster of LPs. This commitment is a repeat investment for AfDB, which also backed Inspired Evolution’s first two funds.
Once it starts investing, Evolution III will make growth capital and infrastructure equity investments in renewable and sustainable energy opportunities both north and south of the Sahara. The fund will target its investments at assets where decarbonization, decentralization, and digitalization support enable critical climate mitigation and energy transition strategies. Since its launch 15 years ago, Inspired Evolution deployed $310 million in renewable energy projects in Africa, backing 21 projects which now generate 2GW of power between them.
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