Africa’s Renewable Energy Sector Gets Major Boost With This Multi-Million Investment

By  |  September 4, 2019

Although Africa has not taken maximum advantage of its renewable energy resources, the continent has increased its renewable energy capacity. As of 2014, the continent had 1.8 gigawatts of renewable energy capacity, this is according to a report by Bloomberg New Energy Finance.

Thanks to renewable energy, millions of people are accessing electricity for the first time as the continent moves to leverage renewable energy to increase generation capacity.

The sector has received a major financial injection which will be channelled to finance renewable energy companies and projects across Africa.

Evolution II, a closed-end sub-Saharan Africa fund raised an investment worth USD 216 Mn from several international investors. The main participants in the financial mobilisation were: European Investment Bank (EIB), Commonwealth Development Corporation (CDC Group), the UK Government’s Development Finance Agency and KLP Norfund Investments of the Norwegian Government.

A number of private investors also took part in the funding round for the ten-year closed-end fund.

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The fund belongs to Inspired Evolution, an Africa-focused investment advisory firm that specializes in the clean energy sector. The company planned the fundraising through its platform.

“Investing in clean energy is a key priority for CDC Group and investing in the Evolution II fund will improve access to renewable energy in sub-Saharan Africa, thus contributing to the fight against climate change. We look forward to a collaborative and productive partnership,” said Setor Lassey, Director of CDC Group’s Investment Funds and Partnerships Team for Africa.

In February this year, the fund invested USD 7.47 Mn in Commercial Energy SA which is an affiliate of SolarAfrica. The platform provides funding solutions for long-term private commercial and industrial (C&I) solar PV customers, through SolarAfrica’s network of EPC contractor partners.

Featured Image Courtesy: Khabar India

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