MAURITIUS – Asset manager Inspired Evolution has secured US$23 million for its Evolution III fund to transform energy access across Africa.
The funding round, a testament to the growing interest in renewable energy projects in Africa, saw the entry of new investors. Notably, the Mauritius Investment Corporation (MIC) made a substantial contribution of US$20 million.
Additionally, the consultancy firm Align Impact provided US$3.25 million, raised from a diverse group of nine investors comprising individuals, trusts, and foundations, showcasing the broad support for this project.
This financial closing aims to support the deployment of renewable energies in Africa.
“The expansion of renewable energy in sub-Saharan Africa is not just a regional imperative but a crucial global one. It is essential to avoid being locked into decades of fossil fuel-based infrastructure,” emphasizes Yihana von Ritter, Director of Private Funds at Align Impact.
The Evolution fund, domiciled in Mauritius, is designed to finance various projects. These include renewable energy, energy efficiency, energy access, other resource efficiency projects, and investments in African businesses.
Inspired Evolution is aiming to capitalize on US$400 million.
The fund’s first closing in 2023 raised US$199.4 million from notable investors, including the African Development Bank (AfDB), the European Investment Bank (EIB), the Finnish Fund for Industrial Cooperation (FinnFund), the Emerging Markets Climate Action Fund (EMCAF), Swedfund International, the Swiss Investment Fund for Emerging Markets (SIFEM), and the Netherlands Development Finance Corporation (FMO).
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