Inspired Evolution’s Third Fund Reaches Final Close To Power Africa’s Clean Energy Future

After two years of fundraising, Inspired Evolution, a Pan-African private equity firm specializing in clean energy infrastructure and energy transition investments, has closed its Evolution III Fund at USD 238 M, marking a major step forward in Africa’s clean energy transition.

The fund’s final close, completed on March 3, 2025, strengthens the firm’s position as a major player in the continent’s energy transition and underscores growing investor confidence in Africa’s renewable energy potential.

The journey began in March 2023, when Evolution III held its first close at USD 199.4 M, backed by leading institutional investors, including the European Investment Bank (EIB), FMO, the African Development Bank (AfDB), Finnfund, and Swedfund, among others. A year later, in May 2024, a second close brought in ten new investors, including the Mauritius Investment Corporation (MIC) and a group of impact-focused backers through Align Impact. The momentum continued into 2025, with Oesterreichische Entwicklungsbank (OeEB) and the International Finance Corporation (IFC) adding their commitments in the final stretch.

With the fund fully subscribed, Evolution III has already deployed capital into two major renewable energy players. In September 2023, it made its first major investment in Red Rocket Group, a renewable energy independent power producer (IPP) focused on wind, solar, and hydro projects across Africa, particularly in South Africa. Alongside its co-investors, Evolution III acquired 75% of the company, injecting USD 160 M to expand its 10+ GW pipeline of renewable energy projects.

The fund’s second investment came in February 2024, when it took a minority stake in the majority holding consortium of Equator Energy Ltd, East Africa’s leading provider of commercial and industrial (C&I) solar solutions. The investment is set to help Equator Energy scale its operations to 300 MW over the next four to five years, expanding access to clean power for businesses across the region.

For investors, the need to support Africa’s clean energy transition is becoming increasingly urgent. Cláudia Conceição, IFC’s Regional Director for Southern Africa, pointed out that the continent’s rapid population growth makes expanding access to sustainable power a top priority. “Africa will soon account for one-fifth of the world’s population, and the demand for energy will only rise. Investing in clean power is not just an environmental necessity—it’s an economic imperative. Our investment in Evolution III aligns with ‘Mission 300,’ the World Bank Group’s initiative to accelerate electrification in Africa.”

The same sense of urgency is driving European development banks to commit more resources to Africa’s energy future. Sabine Gaber, Executive Board Member at OeEB, emphasized the need for long-term, climate-focused investments. “Developing economies are bearing the brunt of climate change. That’s why we are strengthening our commitment to green finance in Africa. Inspired Evolution has a proven track record, and we’re proud to partner with them to help scale renewable energy solutions across the continent.”

For Inspired Evolution, the success of Evolution III is a reflection of both the confidence investors have in its strategy and the growing recognition that Africa’s energy landscape is at a turning point. Wayne Keast, Co-Founder and Managing Partner, called the USD 238 M close a significant achievement given the challenges of the fundraising environment. “This level of commitment from 19 investors is a testament to the trust in our vision and execution. Evolution III is designed to accelerate Africa’s transition to clean energy in a way that is both commercially viable and socially impactful.”

His partner, Christopher Clarke, believes the fund’s success speaks to a larger shift in global priorities. “The momentum behind Evolution III highlights a shared understanding that Africa’s energy future cannot wait. We’re focused on financing and scaling renewable energy projects that will drive economic growth, expand energy access, and reduce carbon emissions in line with global climate goals.”

Now, with its final close secured, Evolution III is poised to play a major role in shaping Africa’s renewable energy landscape. The work ahead is clear—mobilizing capital, scaling projects, and delivering long-term impact—but Inspired Evolution has never been more ready for the challenge.