African Development Bank invests $20 million in private equity fund targeting renewable energy projects in sub-Saharan Africa

The Bank’s support will contribute to an additional 2,162MW of installed renewable power generation capacity

The Board of Directors of the African Development Bank Group ( approved an equity investment of $20 million in Evolution Fund III, a pan-African clean and sustainable energy private equity fund that is mobilising about $400 million into renewable energy and resource-efficiency assets across sub-Saharan Africa over a 10-year period.

Inspired Evolution Investment Management is a well-established fund manager with more than 15 years of experience and a track record of deploying more than $310 million in renewable energy projects in African counties. The fund manager, through its predecessor funds, has delivered 21 renewable energy projects with a total generation capacity of 2 GW.                

EVIII aims to broaden geographic and technology scope to incorporate North Africa as well as several SSA countries and decentralized energy business models as the key climate mitigation and energy transition. The Bank’s support will contribute to an additional 2,162MW of installed renewable power generation capacity, 1.8 million tons of CO2 emission savings, and a green and sustainable growth across Africa by creating 2,480 full-time jobs, building on the track record of Evolution Funds I and II which generated about 1,309 jobs out of which 22% were women.

Vice President Kevin Kariuki of the African Development Bank’s Power, Energy, Climate Change and Green Growth Complex, said the Bank is committed to boosting its portfolio of renewable energy projects and encouraging private investment in renewable and efficient energy solutions.

AfDB’s investment validates our track record and sophisticated investment management approach to accelerating Africa’s clean energy transition

 “The Evolution Fund III is well placed to invest much-needed capital in long-term, low-carbon and climate-resilient development pathways towards achieving a just, net-zero future for African countries,” Kariuki said.

The Bank’s investment in Evolution Fund III aligns with its High Five objectives, particularly, “Light Up and Power Africa” under its New Deal on Energy for Africa.

According to Wale Shonibare, Director Energy Financial Solutions, Policy & Regulations, the Bank’s support  for a private equity fund focused on promoting renewable energy in Africa, will assist regional member countries to achieve their Nationally Determined Contributions and Paris Agreement obligations. 

Christopher Clarke, Co-Managing Partner at Inspired Evolution, said “AfDB has been a consistent supporter of Inspired Evolution since 2010 and this third capital commitment evidences our trusted partnership that has been established in the delivery of the AfDB climate goals for Africa.”

Wayne Keast, Co-Managing Partner at Inspired Evolution, added “AfDB’s investment validates our track record and sophisticated investment management approach to accelerating Africa’s clean energy transition.”

The African Development Bank and partners in the new fund will continue to provide growth capital and infrastructure equity to support renewable and sustainable energy, and focus on decarbonization, decentralization and digitalization as the key climate mitigation and energy transition strategies.

About the African Development Bank Group:
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 53 regional member states. For more information:

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