Inspired Evolution has launched a $176 million investment vehicle aimed at bringing electricity to tens of millions of people across sub-Saharan Africa, drawing in the International Finance Corporation, the African Development Bank and a roster of other development lenders and philanthropies betting that patient equity can unlock a financing gap that has stalled rural electrification for years.
The vehicle, called Zafiri, was unveiled at the Africa Energy Forum and will direct capital toward distributed renewable energy companies, mini-grids, solar home systems, productive-use power ventures and clean-cooking businesses that serve households and businesses beyond the reach of national grids. Inspired Evolution, a climate-focused investment firm operating across the continent, was named investment manager.
At least half of Zafiri’s capital is earmarked for mini-grids, solar home systems and clean cooking, the segments expected to deliver the bulk of new electricity connections in Africa by the end of the decade. The firm
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