AfDB and Swedfund commit USD35 million to Evolution II Fund

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AfDB and Swedfund commit USD35 million to Evolution II Fund

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Inspired Evolution has successfully secured a further USD35 million in commitments from the African Development Bank (AfDB) and Swedfund International AB (Swedfund) in a second closing of its Evolution II Fund. Growing investor confidence in Inspired Evolution’s offering, consolidates its market position as one of sub-Saharan Africa’s leading specialised clean energy and resource efficiency investment advisory businesses.

Managing Partner, Wayne Keast, said that he was pleased with these additional investor commitments towards Evolution II’s imminent second closing. Keast confirmed that the fund’s investors comprise a mix of strategic international DFIs, specialised fund-of-funds, and a family office. Institutional investors are also looking at commitments to the fund in 2018.

The Vice President for Power, Energy, Climate and Green Growth Complex of the African Development Bank (AfDB), Amadou Hott, emphasized AfDB’s commitment to boost its investment in renewable energy projects, evidenced by the increase of the share of renewable energy project as a portion of AfDB’s portfolio of power generation from 15% in 2007-2011 to 75% in 2012-2017. The Bank’s USD20 million investment into Evolution II will contribute to meeting the renewable energy targets of the Nationally Determined Contributions (NDC) of the Bank’s regional member countries.

Maria Håkansson, CEO of Swedfund, the Swedish state-owned development finance institution, emphasized that financing sustainable energy in developing markets is one of Swedfund’s key priorities in its investment strategy, and that Swedfund’s USD15 million commitment to Evolution II fits well within Swedfund’s mandate.

Evolution II is a specialised clean energy infrastructure and resource efficiency growth fund active across sub-Saharan African which achieved its first closing in March 2017 at USD89.5 million. Evolution II is targeting USD250 million for a final closing by end September 2018. Evolution II invests in affordable, least-cost, low-carbon clean energy infrastructure projects and promotes growth in resource efficiency technologies, products and businesses. Evolution II’s measurable positive impacts will improve energy access and reduce industry footprint, contributing to a brighter future for sub-Saharan Africa’s people.

“We welcome our new investor partners onboard the Inspired Evolution platform. We are delighted with the further support and recognition given by the market to Inspired Evolution’s goal, mission and performance,” said Matty Vengerik, CEO of Quantum Power, the fund’s seed investor and one of its cornerstone investors with operations across Africa.