The appointment underscores Zafiri’s central role in Mission 300, a joint initiative of the World Bank Group and African Development Bank to provide first-time electricity access to 300 million people in Sub-Saharan Africa by 2030
The African Development Bank Group (AfDB) (www.AfDB.org), The International Finance Corporation (IFC), and partner organizations today announce the appointment of Inspired Evolution as the investment manager for Zafiri, a new decentralised renewable energy (DRE) equity investment vehicle targeting small-scale and decentralized renewable energy, to expand access to electricity and clean cooking solutions for tens of millions of people across sub-Saharan Africa.
The appointment underscores Zafiri’s central role in Mission 300, a joint initiative of the World Bank Group and African Development Bank to provide first-time electricity access to 300 million people in Sub-Saharan Africa by 2030. Zafiri addresses one of Africa’s toughest energy-financing gaps by channelling long-term equity into distributed renewable energy (DRE) companies that are essential to last-mile access yet remain underfinanced by mainstream capital markets. Zafiri’s founding partners include IFC, AfDB, The Rockefeller Foundation, Trade and Development Bank Group (TDB Group), and Nordic Development Fund (NDF).
Inspired Evolution is an Africa-based investment firm focused on scaling clean energy and climate solutions across the continent. The company, founded in 2007 and headquartered in Cape Town, has financed more than 10 GW of renewable energy generation, supported 29 companies across 18 African countries, and manages over $850 million including co-investments, through its suite of Evolution funds.
“One of the key challenges slowing Africa’s energy transition is the lack of equity financing for distributed energy companies—those expanding power generation and improving access for millions,” said Ethiopis Tafara, IFC Vice President for Africa. “Zafiri addresses this ‘missing middle’ by offering long-term equity to these providers, helping scale innovative business models. IFC is proud to support this initiative, which is expected to reach 30 million people and spur job creation across the continent. Through our commitment to the M300 platform, we are deepening our support for impactful solutions like Zafiri. Inspired Evolution brings strong local investment expertise and a proven track record, making it a valuable partner for M300 in delivering development impact through the private sector.”
“By combining AfDB’s capital—including our Sustainable Energy Fund for Africa (SEFA)—with IFC and partners, Zafiri will inject the much needed risk capital to take the DRE sector to the next level in terms of commercial maturity, larger operational footprint, and ultimately impact on the many communities beyond the grid,” said Kevin Kariuki, the African Development Bank’s Vice President for Power, Energy, Climate and Green Growth.
“We are honored to partner with IFC, AfDB and global investors to manage Zafiri, a vehicle uniquely designed to close the equity financing gap for distributed energy solutions across Africa,” said Wayne Keast, Co-Founder and Managing Partner at Inspired Evolution. “We will focus on building and scaling high-impact businesses that can deliver clean, affordable and reliable energy while driving inclusive and climate-resilient economic growth.”
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