Tackling Africa’s Off-Grid Gap: The International Finance Corporation (IFC), African Development Bank Group (AfDB), And Partners Appoint Inspired Evolution As Investment Manager for Zafiri

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.”

Zafiri is structured as a permanent capital investment vehicle that provides long-term equity to expand clean energy access in underserved markets. The vehicle leverages concessional junior equity to de-risk private sector participation and mobilize commercial capital into scalable off-grid and decentralized energy solutions. Backed by an initial $300 million capitalization by 2026, Zafiri is expected to scale up to $1 billion to accelerate energy access in Africa.

Over its lifespan, Zafiri aims to facilitate new electricity connections and clean cooking access for more than 30 million people while supporting the growth of Africa’s DRE sector. Operations will commence in early 2026.

“The Rockefeller Foundation is proud to support Inspired Evolution as it leverages its proven track record to accelerate energy access across Sub-Saharan Africa,” said Ghita Benabderrazik, Director of Innovative Finance at The Rockefeller Foundation. “Following the announcement of our anticipated $10 million investment in Zafiri at the Mission 300 Africa Energy Summit, we remain deeply committed to closing the equity gap for distributed renewable energy solutions that power livelihoods and drive productive use — advancing inclusive development, reducing poverty, and creating jobs.”

“Complementing the debt support TDB Group has been deploying across several renewable energy sub-sectors in Africa, we are pleased to join forces with this strong group of investors to inject some much-needed equity into small-scale DRE providers – providers which, via electrification and clean cooking, can ultimately catalyse sustainable development in their communities,” said Admassu Tadesse, TDB Group President and Managing Director.

“Zafiri enables the speed and scale that is needed to meet the ambitious targets of Mission 300,” said Satu Santala, NDF Managing Director. “NDF’s junior capital is expected to catalyze significant commercial investments into increasing energy access in Sub-Saharan Africa. At NDF, we are in full support of making Zafiri become a success and mobilize more private capital for climate action.”

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