Zafiri is being established as a long-term investment vehicle designed to provide patient equity financing to companies delivering distributed renewable energy solutions, including mini-grids, solar home systems, metro-grids, and clean cooking technologies.

The initiative is expected to help provide electricity and clean cooking access to at least 30 million people during its lifespan.

The planned investment comes at a time when Africa continues to face a major energy access gap.

According to World Bank and African Development Bank estimates, more than 570 million people in Sub-Saharan Africa still lack access to electricity, particularly in rural and underserved communities.

Distributed renewable energy systems have increasingly been viewed as one of the fastest and most practical ways to close this gap.

Zafiri is targeting an initial capitalization of $300 million, split equally between senior and junior equity.

The structure is intended to attract both development finance institutions and commercial investors by balancing risk while supporting long-term growth in the sector.

The investment vehicle also plans to mobilize additional funding in the future. Subject to market demand and portfolio performance, Zafiri could raise a further $300 million from commercial investors as it scales operations.

Over the next 10 to 15 years, the platform aims to grow its net asset value to $1 billion through organic expansion.

An investment manager for the fund has not yet been appointed.

The platform is expected to play a role in supporting broader continental efforts to improve energy access and accelerate Africa’s clean energy transition.

Similar blended finance models have increasingly gained support from development finance institutions as they seek to unlock private capital for climate and infrastructure projects in emerging markets.