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Evolution III Fund

Region and countries in which the fund invests: Africa, focus on sub-Saharan countries
Jurisdiction of registration: Mauritius
Business sector: Renewable energy and energy efficiency
Date of agreement (month/year): 3/2023
Size and share of Finnfund’s financing (commitment): USD 20,000,000
Environmental and social category: FI-A
Names of the companies financed by the fund: TBC

Brief description

Finnfund committed USD 20 million to the first close of Evolution III Fund. It is a Pan-Africa fund focusing on investments in renewable and sustainable energy infrastructure, energy access, and energy efficiency solutions. The fund is advised by South Africa-based fund manager Inspired Evolution.

Main development impact

Evolution III Fund is a Pan-African climate fund. Most investments in the pipeline are in lower-middle-income countries in Sub-Saharan Africa. The investment strategy prioritises grid and off-grid power producers, C&I customers and digital technology companies. It operates in one of Finnfund’s focus sectors and areas and meets the 2X Challenge criteria.

Evolution III Fund will contribute to the energy market transformation in Africa and make power more accessible, cheaper, and cleaner for a large variety of customers ranging from urban C&I clients to rural households. The fund seeks to support innovative business models and digital and information technology solutions for climate change. The fund and its portfolio companies will contribute to local economic development, job creation and government revenues.

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Last modified: December 2023