The fund attracted ten new investors, including the Mauritius Investment Corporation (MIC) which committed $20 million.

Consulting firm Align Impact also participated, contributing $3.25 million on behalf of a diverse group of individual, trust, and foundation investors.

“The expansion of renewable energy in sub-Saharan Africa is critical not just for the region, but for the entire world,” said Yihana von Ritter, director of private funds at Align Impact.

“This investment helps avoid locking countries into fossil fuel infrastructure for decades to come.”

The Evolution III fund, domiciled in Mauritius, focuses on financing renewable energy, energy efficiency, and resource-efficiency projects. Inspired Evolution, the fund manager, has a target capitalization of $400 million.

The first closing of the fund in 2023 secured $199.4 million from a consortium of development finance institutions, including the African Development Bank (AfDB), the European Investment Bank (EIB), and the Netherlands Development Finance Corporation (FMO).

This latest round of funding demonstrates continued momentum for clean energy investment in Africa.

Inspired Evolution’s Evolution III fund positions itself as a key player in accelerating the continent’s energy transition.

The funding round was led by Norwegian investor Norfund ($20 million), French infrastructure and energy firm STOA Infra & Energy, and Japanese energy company Kyuden International Corporation.

Candi Solar specializes in financing, installing, and managing rooftop and ground-mounted solar power plants for C&I clients.

“We believe in promoting small-scale renewable energy production alongside large-scale projects to decarbonize electricity production,” said Marie-Laure Mazaud, Managing Director of STOA Infra & Energy.

“Candi’s solutions make solar energy accessible for small and medium-sized businesses,” she added, citing this as a reason for their continued investment in the company.

Candi Solar plans to use the $38 million to finance an additional 200 MW of solar projects and support strategic hiring to meet its rapid expansion.

The company currently boasts an installed capacity of 112 MW across India and South Africa.

In South Africa, Candi Solar has a presence in at least eight provinces, having installed a 135 kWp solar power plant for Schneider Electric in Gauteng, and a 1.2 MWp plant for Henbrie Boerdery, a farm in the Northern Cape.