The African Development Bank Group’s Board of Directors has approved a $20 million equity investment in Evolution Fund III, a pan-African clean and sustainable energy private equity fund that will invest $400 million over 10 years in renewable energy and resource-efficient assets in sub-Saharan Africa.
Inspired Evolution Investment Management is a fund manager with more that 15 years experience and has a track record of putting more than $310 million into renewable energy projects in African nations.
The fund manager has produced 21 renewable energy projects totaling 2 GW in generation capacity through its previous funds.
North Africa, numerous SSA nations, and decentralized energy business models will all be included in EVIII’s expanded geographic and technological scope.With North Africa, many SSA nations, and decentralized energy business models as the focal points of climate mitigation and energy transition, EVIII wants to expand its geographic and technological scope.
Building on the success of the Evolution Funds I and II, which produced about 1,309 jobs, 22% of which were for women, the bank’s support is anticipated to 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 throughout Africa by creating 2,480 full-time jobs.
According to vice president of the African Development Bank’s Power, Energy, Climate Change, and Green Growth Complex, Kevin Kariuki, “The Bank is committed to boosting its portfolio of renewable energy projects and encouraging private investment in renewable and efficient energy solutions.
