Cape Town and London-based private equity firm Inspired Evolution has announced the final close of its Evolution III Fund on 3 March 2025, securing $238 million in total commitments. This milestone solidifies the firm’s role as a leader in Africa’s energy transition, driving sustainable development through clean energy infrastructure, energy access, and energy transition investments.
The final close attracted additional commitments from Oesterreichische Entwicklungsbank (OeEB) and the International Finance Corporation (IFC), broadening the fund’s investor base. Evolution III follows the success of its predecessors, focusing on clean energy infrastructure, resource efficiency, and energy access to accelerate Africa’s shift toward renewable energy.
Strong Investor Confidence in Africa’s Green Future
Wayne Keast, Co-Founder and Managing Partner at Inspired Evolution Photograph © nic bothma
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Evolution III achieved its first close in March 2023, raising $199.4 million from top institutional investors, including the European Investment Bank (EIB), FMO, African Development Bank (AfDB), Finnfund, Swedfund, SIFEM, and EMCAF.
A second close in May 2024 introduced ten new investors, such as the Mauritius Investment Corporation (MIC) and impact-focused partners via Align Impact.
“Reaching a final close with commitments of $238 million from 19 investors is a significant achievement in the current fundraising environment and demonstrates the confidence that leading global and regional investors have in our strategy and execution capabilities,” Wayne Keast, Co-Founder and Managing Partner at Inspired Evolution, said.
“With Evolution III, we are positioned to accelerate Africa’s transition to a clean energy future, driving impact through scalable, commercially viable renewable energy projects that deliver long-term value to communities and investors alike.”
Strategic Investments Driving Renewable Growth
The fund has already made two key investments:
- Red Rocket Group (September 2023) – A leading vertically integrated renewable energy IPP with a 10+ GW pipeline across Africa. Evolution III acquired 75% of the group, injecting $160 million to expand its wind, solar, and hydropower projects.
- Equator Energy Ltd (February 2024) – A top commercial & industrial (C&I) solar provider in East Africa, where Evolution III’s investment will help scale operations to 300 MW over the next 4-5 years.
Global Support for Africa’s Energy Transition
Cláudia Conceição, IFC’s Regional Director for Southern Africa, emphasized: “Africa’s growing population means it will soon be home to one-fifth of the world’s population, so the case to ramp up the supply of clean energy on the continent is clear. IFC’s investment in the Evolution III fund is a step towards achieving Mission 300, an ambitious World Bank Group initiative to accelerate the pace of electrification in Africa, while targeting more diversified sources of energy.”
Sabine Gaber, Member of the Executive Board of OeEB, added: “We are proud to support Evolution III in driving sustainable development and advancing climate solutions in Africa. Developing and emerging countries are disproportionately affected by climate change. This is why we have strengthened our strategic focus on green finance and aim to further grow our engagement in Africa. We are proud to cooperate with Inspired Evolution, an experienced partner who shares this commitment.”
A Catalyst for Africa’s Clean Energy Future
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With $238 million in committed capital, Inspired Evolution’s Evolution III Fund is set to play a pivotal role in advancing Africa’s renewable energy sector, supporting job creation, energy security, and climate resilience across the continent.
“We are proud to see the continued momentum and strong institutional backing for Evolution III, reflecting the growing urgency to address Africa’s energy transition needs,” Christopher Clarke, Co-Founder and Managing Partner at Inspired Evolution, said.
“The successful closes and strategic investments made to date underscore our commitment to financing and scaling high-impact renewable energy solutions across the continent.
“Our focus remains on fostering sustainable economic growth, increasing energy access, and reducing carbon emissions in alignment with global climate goals.”
