NEWS

At the Africa Energy Forum in Cape Town, South Africa, Inspired Evolution announced the USD 176 million commercial launch of Zafiri, a blended permanent-capital vehicle focused on expanding access to electricity for tens of millions of people across sub-Saharan Africa.

Inspired Evolution, a leading African climate investment firm, was mandated by the investors to be the investment manager of Zafiri. Founding shareholders include IFC, a member of the World Bank Group; the African Development Bank Group (AfDB), including its Sustainable Energy Fund for Africa (SEFA); The Rockefeller Foundation; Trade and Development Bank Group (TDB Group); Nordic Development Fund (NDF); the John D. and Catherine T. MacArthur Foundation; and FirstRand Limited.

This launch underscores Zafiri’s role of investing in and supporting the private sector as part of Mission 300, a joint initiative co-led by the World Bank Group and the African Development Bank Group, with support from The Rockefeller Foundation, Global Energy Alliance for People and Planet, and Sustainable Energy for All, to expand electricity access to 300 million people in sub-Saharan Africa by 2030. Zafiri will spur job creation, help connect more businesses to power, and put electricity to productive use that drives local economic activity.

afiri will deploy patient equity into distributed renewable energy (DRE) companies and projects across Sub-Saharan Africa, including mini-grids, solar home systems, productive-use energy solutions, and clean cooking enterprises. At least 50% of the platform’s capital is expected to support mini-grids, solar home systems, and clean cooking.

Zafiri addresses one of Africa’s toughest energy financing gaps by channelling long-term equity into DRE companies bringing reliable, affordable power to communities beyond the reach of traditional grids. Following its commercial launch at USD 176 million, Zafiri expects to reach a final close of USD 300 million within 12 months, with a longer-term ambition to scale up to USD 1 billion to accelerate energy access in Africa. Zafiri is a blended finance vehicle that aims to invest in high impact projects while maintaining financial sustainability.