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.
With more than 15 years of expertise and a track record of putting more than $310 million into renewable energy projects in African nations, Inspired Evolution Investment Management is a reputable fund manager. The fund manager has produced 21 renewable energy projects totaling 2 GW in generation capacity through its previous funds.
EVIII aims to broaden geographic and technological scope to incorporate North Africa as well as several SSA countries and decentralized energy business models as the key to climate mitigation and energy transition.
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.