The African Development Bank Group and the International Finance Corporation have announced the appointment of Inspired Evolution as the investment manager for Zafiri, a new equity investment vehicle targeting small-scale and decentralized renewable energy in sub-Saharan Africa. This move aims to expand access to electricity and clean cooking solutions for millions of people in the region.
Zafiri is a key component of Mission 300, a joint initiative between the World Bank Group and the African Development Bank to provide first-time electricity access to 300 million people in sub-Saharan Africa by 2030. The investment vehicle will address the significant energy-financing gap in Africa by channeling long-term equity into distributed renewable energy companies that are essential for last-mile access but remain underfinanced by mainstream capital markets.
Inspired Evolution, an Africa-based investment firm, has a proven track record of financing clean energy and climate solutions across the continent. The company has financed over 10 GW of renewable energy generation and manages over $850 million in assets. Its expertise and local knowledge make it an ideal partner for Zafiri.
The founding partners of Zafiri include the IFC, African Development Bank, The Rockefeller Foundation, Trade and Development Bank Group, and Nordic Development Fund. The vehicle is structured as a permanent capital investment vehicle that provides long-term equity to expand clean energy access in underserved markets. It will leverage concessional junior equity to de-risk private sector participation and mobilize commercial capital into scalable off-grid and decentralized energy solutions.
With an initial capitalization of $300 million by 2026, Zafiri is expected to scale up to $1 billion to accelerate energy access in Africa. Over its lifespan, the investment vehicle aims to facilitate new electricity connections and clean cooking access for over 30 million people, supporting the growth of Africa’s distributed renewable energy sector.
The appointment of Inspired Evolution as the investment manager for Zafiri marks a significant step towards achieving the ambitious targets of Mission 300. The partnership is expected to catalyze significant commercial investments into increasing energy access in sub-Saharan Africa, driving inclusive development, reducing poverty, and creating jobs. Operations are set to commence in early 2026, with the potential to transform the lives of millions of people across the continent.