Cape Town, London – April 16, 2025
Inspired Evolution, a leading Pan-African private equity firm focused on clean energy, has successfully closed its Evolution III Fund with commitments totaling USD 238 million. The fund’s final close took place on March 3, 2025, marking a significant achievement in supporting Africa’s energy transition.
The fund received additional backing from several prominent investors, including Oesterreichische Entwicklungsbank (OeEB), the Development Bank of Austria, and the International Finance Corporation (IFC). These contributions help strengthen and diversify the fund’s investor base, enhancing its ability to promote sustainable energy projects across the continent.
Building on the successes of its earlier funds, Evolution III targets investments in clean energy infrastructure, energy access, and efficiency. It is designed to accelerate the adoption of renewable energy across Africa, addressing the growing demand for reliable and sustainable power.
The fund’s first closing in March 2023 secured USD 199.4 million from investors such as the European Investment Bank (EIB), FMO, African Development Bank (AfDB), and Finnfund. A second closing in May 2024 brought in new investors, including the Mauritius Investment Corporation (MIC) and Align Impact’s consortium of impact-focused investors.
Two key investments have already been made. In September 2023, Evolution III Fund acquired a 75% stake in Red Rocket Group, a major renewable energy independent power producer in Africa. This deal included an infusion of USD 160 million, aimed at expanding Red Rocket’s 10+ GW renewable energy pipeline. In February 2024, the fund also invested in Equator Energy Ltd, a leading commercial and industrial solar provider in East Africa, to support its goal of scaling operations to 300 MWs in the next four to five years.
Cláudia Conceição, Regional Director for Southern Africa at IFC, stressed the importance of scaling up clean energy to meet the continent’s future needs. “With Africa’s population set to account for one-fifth of the world’s total, the case for increasing clean energy supply is clear,” she said.
