Inspired Evolution, a private equity firm that invests in clean energy across Africa, has officially closed its Evolution III Fund with a total commitment of $238 million.
The final close, which took place on March 3, 2025, marks the successful end of the firm’s fundraising efforts.
New investments came from the Development Bank of Austria (OeEB) and the International Finance Corporation (IFC), helping to strengthen and diversify the fund’s backers.
The Evolution III Fund will focus on projects that improve access to energy, support clean energy infrastructure, and promote energy efficiency across Africa.
The fund’s journey began in March 2023, when it raised $199.4 million during its first close.
Major investors included the European Investment Bank (EIB), Dutch Development Bank (FMO), African Development Bank (AfDB), Finnfund, Swedfund, Swiss Investment Fund for Emerging Markets (SIFEM), and the Emerging Markets Climate Action Fund (EMCAF).
In May 2024, a second close brought in ten more investors, including the Mauritius Investment Corporation (MIC) and a group of impact investors through Align Impact.
So far, Evolution III has supported two major projects. The first investment, in September 2023, went to Red Rocket Group—a company that develops and operates large renewable energy projects like solar, wind, and hydro power.
Inspired Evolution and its partners acquired 75% of the group, helping them expand their pipeline of more than 10 gigawatts in clean energy projects, mostly in South Africa.
The second investment happened in February 2024 when the fund supported Equator Energy Ltd, a top solar energy provider for businesses in East Africa.
This funding will help the company grow its capacity to 300 megawatts over the next few years.
Speaking on the fund’s impact, Claudia Conceição, IFC’s Regional Director for Southern Africa, said:
“Africa’s population is growing fast. Clean energy is essential for its future. Our support for this fund is part of a wider plan to bring electricity to more people across the continent.”
Sabine Gaber, from OeEB, added, “Climate change affects developing countries the most. That’s why we’re focused on green finance. Inspired Evolution is a strong partner, and we’re glad to support this important work in Africa.”
Wayne Keast, Co-Founder of Inspired Evolution, said the final close shows strong confidence in their team and mission.
“Raising $238 million from 19 investors during a tough fundraising period is a big achievement. We’re ready to deliver clean energy projects that help both people and the planet,” he said.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
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