The Board of Directors of the African Development Bank Group Endorsed an Equity Venture of $20 Million in Private Energy Projects in Sub-Saharan Africa

By Abdul Rahman Bangura-

Photo Credit: Climate action

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– Evolution Fund III – a Pan-African clean and sustainable energy private equity fund that is rounding up about $400 million into renewable energy and resource-efficiency assets across sub Saharan Africa over a 10-year period. The Bank’s support will contribute to an additional 2,162MW of installed renewable power generation capacity.

Inspired Evolution Investment Management is a well-established budget administrator with more than 15 years of affair and a trace history of deploying more than $310 million in renewable energy projects in African nations. The fund manager, through its forebear funds, has provided 21 renewable energy projects with a total generation capacity of 2 GW.

EVIII intends for to widen geographic and technology scope to incorporate North Africa as well as several SSA nations and decentralized energy enterprise criteria as the key temperature relief and energy transition. The Bank’s assistance will provide to an extra 2,162MW of established renewable power generation capacity, 1.8 million tons of CO2 emission savings, and green and sustainable development across Africa by creating 2,480 full-time jobs, assembling on the track record of Evolution Funds I and II which generated about 1,309 jobs out of which 22% were
women.

Vice President Kevin Kariuki of the African Development Bank’s Power, Energy, Climate Change and Green Growth Complex, told the Bank is devoted to increasing its portfolio of renewable energy projects and enabling private investment in renewable and productive energy outcomes.

“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,” Kariuki announced.

The Bank’s investment in Evolution Fund III aligns with its High Five objectives, particularly, “Light Up and Power Africa” under its New Deal on Energy for Africa.

Director Energy Financial Solutions, Policy & Regulations – Wale Shonibare – the Bank’s assistance for a private equity fund concentrated on facilitating renewable energy in Africa, will boost regional member nations to accomplish their Nationally Determined Contributions and Paris Agreement obligations.

Co-Managing Partner at Inspired Evolution Christopher Clarke stated “AfDB has been a consistent supporter of Inspired Evolution since 2010 and this third capital commitment evidences our trusted partnership that has been established in the delivery of the AfDB climate goals for Africa.”

The AfDB and allies in the new fund will proceed to furnish development capital and infrastructure equity to boost renewable and sustainable energy, and point on decarbonization, decentralization, and digitalization as the key climate mitigation and energy transition strategies.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent