By: Energy capital & power

Pan-African private equity firm Inspired Evolution has completed the final closing of its Evolution III Fund, bringing total commitments to $238 million from 19 investors.

The Evolution III Fund focuses on energy transition initiatives, including utility-scale renewable energy projects, decentralized commercial and industrial solutions, off-grid systems and energy-as-a-service models.

The latest funding round saw investments from Oesterreichische Entwicklungsbank, the Development Bank of Austria and the International Finance Corporation. This follows a successful second close in May 2024 that added ten new investors, including the Mauritius Investment Corporation and a consortium of impact-focused investors coordinated by Align Impact.

A strong initial close in March 2023 secured $199 million from key investors, including the European Investment Bank, Dutch Development Bank FMO, the African Development Bank, Finnfund, Swedfund, the Swiss Investment Fund for Emerging Markets and the Emerging Markets Climate Action Fund.

“With Evolution III, we are positioned to accelerate Africa’s transition to a clean energy future, driving impact through scalable, commercially viable renewable energy projects that deliver long-term value to communities and investors alike,” said Wayne Keast, Co-Founder and Managing Partner at Inspired Evolution.

Since its inception in 2007, Inspired Evolution has played a pivotal role in financing over 4 GW of renewable energy projects throughout sub-Saharan Africa. The firm’s investment strategy centers on clean energy infrastructure, energy access and resource efficiency, aiming to drive sustainable growth across the continent.