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.