Inspired Evolution successfully held the final close of its Evolution III Fund, raising USD 238 million (EUR 220.5 million) in total commitments. The Pan-African private equity firm focuses on clean energy infrastructure, energy access, and energy transition investments across the continent.
Strong Institutional Backing Across Three Closes 💼
- First Close (March 2023): USD 199.4 million from EIB, FMO, AfDB, Finnfund, Swedfund, SIFEM, and EMCAF.
- Second Close (May 2024): 10 new investors, including Mauritius Investment Corporation and Align Impact.
- Final Close (March 2025): Additional commitments from Oesterreichische Entwicklungsbank (OeEB) and the International Finance Corporation (IFC).
With 19 institutional investors, the fund demonstrates robust confidence in Africa’s clean energy investment potential.
Strategic Investments to Date ⚡
- Red Rocket Group (Sept 2023):
- 75% acquisition alongside co-investors.
- USD 160 million injected to support a 10+ GW renewable energy pipeline.
- Active in wind, solar, and hydropower, predominantly in South Africa.
- Equator Energy Ltd (Feb 2024):
- Minority co-investment in leading C&I solar platform in East Africa.
- Capital supports scale-up to 300 MW over 4–5 years.
Financial Modelling & Investment Outlook 📊
For financial modellers and impact investors, Evolution III reflects the increased importance of:
- Scalable project pipelines: Strong IRR potential across multi-GW platforms.
- Co-investment frameworks: Lowering risk and broadening capital inflow.
- Blended finance structures: Leveraging DFIs and impact-driven capital.
- ESG-aligned modelling: Integrating metrics such as emissions reductions, job creation, and community benefits.
Why It Matters 🌱
Africa is poised to become home to one-fifth of the world’s population, underscoring the urgency of expanding clean, reliable, and equitable energy access. Evolution III plays a pivotal role in advancing:
- Mission 300 (World Bank/IFC initiative).
- National climate commitments and electrification goals.
- Resilient, investor-backed renewable platforms.
Looking Ahead 🚀
The final close of Evolution III reaffirms investor confidence in Inspired Evolution’s track record and the growth trajectory of Africa’s renewable energy sector. With strategic investments and strong institutional support, the fund is well-positioned to deliver long-term, high-impact clean energy solutions.
🔍 Interested in financial modelling for clean energy funds or IPP platforms in Africa? Reach out to Finteam for bespoke support. 📈
Finteam 