A view of a hybrid mini-grid station in Doma Town, which is mainly powered by solar energy in Doma, Nigeria. A newly created investment vehicle called Zafiri will deploy equity into distributed renewable energy (DRE) companies and projects across Sub-Saharan Africa, including mini-grids, solar home systems, productive-use energy solutions, and clean cooking enterprises.
Inspired Evolution has announced the commercial launch of the $176 million (R3.2 billion) blended permanent capital vehicle called Zafiri, which will focus on expanding access to electricity for tens of millions of people across sub-Saharan Africa.
Zafiri’s founding shareholders include IFC, a member of the World Bank Group; the African Development Bank Group (AfDB), including its Sustainable Energy Fund for Africa (SEFA); The Rockefeller Foundation; Trade and Development Bank Group (TDB Group); Nordic Development Fund (NDF); the John D. and Catherine T. MacArthur Foundation; and FirstRand.
Cape Town-based Inspired Evolution, an African climate investment firm, was mandated by the investors to be Zafiri’s investment manager, and it made the announcement at the Africa Energy Forum conference taking place in the city.
Zafiri plans to invest in and support the private sector as part of Mission 300, a joint initiative co-led by the World Bank and the AfDB, with support from The Rockefeller Foundation, the Global Energy Alliance for People and Planet, and Sustainable Energy for All.
