Evolution II Fund Secures Another $87.75 Million for Clean Energy Access in Africa

Total capital reaches $216 million

September 13, 2019


Inspired Evolution, an Africa-focused investment advisory firm that specializes in providing clean energy access, has secured another $87.75 million, reaching a total capital of $216 million at the final closing of its Evolution II Fund.

To reach the total capital of $216 million, the company received funds from CDC Group Plc, Cyane Holdings Ltd, European Investment Bank, KLP Norfund Investments AS, Morgan Stanley Alternative Investment Partners, and a U.S. healthcare system.

In February 2019, Mercom had reported that Inspired Evolution closed a $7.47 million investment facility by its Evolution II Fund into Commercial Energy SA – an affiliate of SolarAfrica. Evolution II achieved its first closing in December 2016, having raised $89.5 million from international investors.

Co-managing partner, Wayne Keast, said, “We are pleased to have secured commitments from 12 leading investors comprising of a mix of strategic international DFIs, specialized fund-of-funds, institutional investors, pension funds and family offices.”

“Growing investor confidence in Inspired Evolution’s offering, consolidates its market position as one of Sub-Saharan Africa’s leading specialized clean energy and resource efficiency investment advisory businesses,” he added.

The Inspired Evolution platform was established in 2007 by Christopher Clarke and Wayne Keast who raised $90 million (~₹6.5 billion) for Evolution One Fund in 2008.

Setor Lassey, the director in CDC’s Funds and Capital Partnerships team covering Africa noted, “Investing in clean energy is a key priority for CDC and investing in Evolution II Fund will increase access to renewable energy across Sub-Saharan Africa, helping to tackle climate change. We look forward to a collaborative and productive partnership.”

Evolution-1 made 12 investments and has developed and sold more than 922 MW of clean energy projects. Both funds are specialized clean energy infrastructure and resource efficiency growth funds, currently active across 11 Sub-Saharan African countries.

According to Mercom’s 1H and Q2 2019 Solar Funding and M&A Report, more than $1.2 billion was raised in new renewable energy and solar-focused funds during Q2 2019 compared to $3.8 billion raised in Q1 2019.

Image credit: Qurren (talk)Taken with Canon IXY 430F (Digital IXUS 245 HS) [CC BY-SA 3.0]

Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.