The Board of Directors of the African Development Bank has approved a $20 million equity investment in Evolution Fund III, a pan-African clean and sustainable energy private equity fund that will invest approximately $400 million in renewable energy and resource-efficient assets across sub-Saharan Africa. Africa over the next 10 years.
Inspired Evolution Investment Management is a fund manager with over 15 years of experience and a track record of deploying over $310 million in renewable energy projects in African countries.
The fund manager, through its predecessor funds, has delivered 21 renewable energy projects with a total generation capacity of 2 GW.
EVIII aims to broaden the geographic and technological scope to incorporate North Africa as well as several SSA countries and decentralized energy business models as key to climate change mitigation and energy transition.
The bank’s support is expected to contribute to an additional 2,162 MW of installed renewable energy generation capacity, 1.8 million tonnes of CO2 emissions savings and green and sustainable growth across Africa by creating 2,480 full-time jobs, building on the track record of Evolution Funds I and II, which generated approximately 1,309 jobs, of which 22% were women.
The Vice President of the African Development Bank’s Power, Energy, Climate Change and Green Growth Complex, Kevin Kariuki, said: “The Bank is committed to strengthening its portfolio of renewable energy projects and encouraging the private investment in renewable and efficient energy solutions.
He added: “The Evolution Fund III is well placed to invest much-needed capital in long-term, low-carbon and climate-resilient development pathways towards achieving a just and net-zero future for people. African countries”.
The bank’s investment in Evolution Fund III aligns with its “High Five Goals”, in particular, “Light Up and Power Africa” as part of its New Deal on Energy for Africa, a- he declared.
Wale Shonibare, Director, Energy Financial Solutions, Policy & Regulations, Wale Shonibare, said, “The bank’s support for a private equity fund focused on promoting renewable energy in Africa will help regional member countries achieve their contributions. determined at the national level and the Paris Agreement. obligation. »