November 16 (Renewables Now) - The African Development Bank (AfDB) on Wednesday approved a USD-20-million (EUR 19.2m) equity investment in a pan-African clean and sustainable energy private equity fund called Evolution Fund III.
The fund, managed by Inspired Evolution Investment Management, is raising about USD 400 million to invest in renewable energy and resource-efficiency assets.
The fund manager has so far deployed more than USD 310 million in renewables in African countries. It has delivered 21 renewable energy projects totalling 2 GW of generation capacity.
The bank said its support will contribute to an additional 2,162 MW of renewable power capacity.
“The Evolution Fund III is well placed to invest much-needed capital in long-term, low-carbon and climate-resilient development pathways towards achieving a just, net-zero future for African countries,” said vice president Kevin Kariuki of the AfDB’s Power, Energy, Climate Change and Green Growth Complex.