Inspired Evolution has launched a $176 million investment vehicle aimed at bringing electricity to tens of millions of people across sub-Saharan Africa, drawing in the International Finance Corporation, the African Development Bank and a roster of other development lenders and philanthropies betting that patient equity can unlock a financing gap that has stalled rural electrification for years.
The vehicle, called Zafiri, was unveiled at the Africa Energy Forum and will direct capital toward distributed renewable energy companies, mini-grids, solar home systems, productive-use power ventures and clean-cooking businesses that serve households and businesses beyond the reach of national grids. Inspired Evolution, a climate-focused investment firm operating across the continent, was named investment manager.
At least half of Zafiri’s capital is earmarked for mini-grids, solar home systems and clean cooking, the segments expected to deliver the bulk of new electricity connections in Africa by the end of the decade. The firm said it expects to close the fund at $300 million within a year, with an eventual target of $1 billion.
Founding investors beyond IFC and the AfDB, which contributed through its Sustainable Energy Fund for Africa, include the Rockefeller Foundation, the Trade and Development Bank Group, the Nordic Development Fund, the John D. and Catherine T. MacArthur Foundation, and South Africa’s FirstRand Ltd., the only commercial bank in the group. Related News 'I will never compromise my values' — Ashleigh Plumptre slams NFF over WAFCON omission Carbon Economy offers Nigeria new path beyond oil, Carbon AI founder says Engineering skills crisis risks derailing Nigeria’s manufacturing push, technologists warn
