Cape Town | London – 10 April 2025

Inspired Evolution, a leading Pan-African private equity firm specializing in clean energy infrastructure, energy access, and energy transition investments, is pleased to announce the final close of its Evolution III Fund, securing total commitments of USD 238 million as of 3 March 2025. This milestone marks the culmination of a successful fundraising journey and further solidifies Inspired Evolution’s role as a pivotal player in Africa’s energy transition.

The final close welcomed additional commitments from the Development Bank of Austria (Oesterreichische Entwicklungsbank, OeEB) and the International Finance Corporation (IFC), diversifying and reinforcing the fund’s investor base. Evolution III builds on the firm’s earlier funds by focusing on clean energy infrastructure, resource and energy efficiency, and energy access initiatives that promote sustainable development across Africa.

The fund held its first close in March 2023, raising USD 199.4 million from prominent institutional investors including the European Investment Bank (EIB), FMO (Dutch Development Bank), African Development Bank (AfDB), Finnfund, Swedfund, the Swiss Investment Fund for Emerging Markets (SIFEM), and the Emerging Markets Climate Action Fund (EMCAF). A second close in May 2024 brought in ten new investors, such as the Mauritius Investment Corporation (MIC) and impact-driven partners through Align Impact.

To date, Evolution III has made two investments. In September 2023, it led a consortium to acquire 75% of Red Rocket Group, a vertically integrated renewable energy IPP operating across Africa, primarily in South Africa. This transaction included a capital injection of USD 160 million to support Red Rocket’s 10+ GW renewable energy pipeline. In February 2024, the fund made a significant minority co-investment in Equator Energy Ltd, East Africa’s leading commercial and industrial (C&I) solar platform, to help scale its operations to 300 MW over the next 4–5 years.

Cláudia Conceição, IFC’s Regional Director for Southern Africa, commented:

“Africa’s growing population means it will soon be home to one-fifth of the world’s population, so the case to ramp up the supply of clean energy on the continent is clear. IFC’s investment in the Evolution III fund is a step towards achieving Mission 300, a World Bank Group initiative aimed at accelerating electrification across Africa.”

Sabine Gaber, Member of the Executive Board at OeEB, added:

“We are proud to support Evolution III in driving sustainable development and advancing climate solutions in Africa. Developing and emerging countries are disproportionately affected by climate change. That’s why we’re strengthening our focus on green finance and deepening our engagement across the continent.”

Wayne Keast, Co-Founder and Managing Partner at Inspired Evolution, said:

“Securing USD 238 million from 19 investors in today’s environment is a major achievement and speaks to the confidence investors have in our strategy and execution. Evolution III positions us to accelerate the continent’s clean energy transition through scalable, commercially viable renewable energy investments.”

Christopher Clarke, also Co-Founder and Managing Partner, added:

“The strong momentum and institutional backing behind Evolution III underscores the urgency of Africa’s energy needs. Our strategic investments reflect our long-term commitment to financing sustainable, high-impact solutions that increase access to energy, reduce emissions, and foster economic growth.”

About Inspired Evolution and the Evolution Funds

Inspired Evolution is the investment manager behind Evolution One, Evolution II, and Evolution III Funds. Specializing in clean energy infrastructure and energy access, the firm operates across a broad African footprint with headquarters in Cape Town and offices in London, Nairobi, Abidjan, and Grand Bay (Mauritius).

Over the past 17 years, Inspired Evolution has evaluated more than 2,000 transactions and helped finance over 10 GW of renewable energy generation projects. The firm has raised more than USD 850 million and invested in 28 companies and projects across 18 African countries, with 19 successful exits to date.

For more information, please contact:

Christopher Clarke   (Have these two contacts side by side)

Managing Partner, Inspired Evolution Investment Management
Mobile: +27 (0) 82 496 0522
Email: chris@inspiredevolution.co.za

Wayne Keast
Managing Partner, Inspired Evolution Investment Management
Mobile: +44 7900 686 757
Email: wayne@inspiredevolution.co.za

Website: www.inspiredevolution.co.za

SOURCE: Inspired Evolution