(AfDB) - The Board of Directors of the African Development Bank Group today approved an equity investment of $20 million in Evolution Fund III, a pan-African clean and sustainable energy private equity fund that is mobilising about $400 million into renewable energy and resource-efficiency assets across sub-Saharan Africa over a 10-year period.

Inspired Evolution Investment Management is a well-established fund manager with more than 15 years of experience and a track record of deploying more than $310 million in renewable energy projects in African counties. The fund manager, through its predecessor funds, has delivered 21 renewable energy projects with a total generation capacity of 2 GW.                

EVIII aims to broaden geographic and technology scope to incorporate North Africa as well as several SSA countries and decentralized energy business models as the key climate mitigation and energy transition. The Bank’s support will contribute to an additional 2,162MW of installed renewable power generation capacity, 1.8 million tons of CO₂ emission savings, and a green and sustainable growth across Africa by creating 2,480 full-time jobs, building on the track record of Evolution Funds I and II which generated about 1,309 jobs out of which 22% were women.

Vice President Kevin Kariuki of the African Development Bank’s Power, Energy, Climate Change and Green Growth Complex, said the Bank is committed to boosting its portfolio of renewable energy projects and encouraging private investment in renewable and efficient energy solutions.

 “The Evolution Fund III is well placed to invest much-needed capital in long-term, low-carbon and climate-resilient development pathways towards achieving a just, net-zero future for African countries,” Kariuki said.

The Bank’s investment in Evolution Fund III aligns with its High Five objectives, particularly, “Light Up and Power Africa” under its New Deal on Energy for Africa.