Inspired Evolution secures US$23M for energy transformation

MAURITIUS – Asset manager Inspired Evolution has secured US$23 million for its Evolution III fund to transform energy access across Africa.

The funding round, a testament to the growing interest in renewable energy projects in Africa, saw the entry of new investors. Notably, the Mauritius Investment Corporation (MIC) made a substantial contribution of US$20 million.

Additionally, the consultancy firm Align Impact provided US$3.25 million, raised from a diverse group of nine investors comprising individuals, trusts, and foundations, showcasing the broad support for this project.

This financial closing aims to support the deployment of renewable energies in Africa.

“The expansion of renewable energy in sub-Saharan Africa is not just a regional imperative but a crucial global one. It is essential to avoid being locked into decades of fossil fuel-based infrastructure,” emphasizes Yihana von Ritter, Director of Private Funds at Align Impact.

The Evolution fund, domiciled in Mauritius, is designed to finance various projects. These include renewable energy, energy efficiency, energy access, other resource efficiency projects, and investments in African businesses.

Inspired Evolution is aiming to capitalize on US$400 million. The fund’s first closing in 2023 raised US$199.4 million from notable investors, including the African Development Bank (AfDB), the European Investment Bank (EIB), the Finnish Fund for Industrial Cooperation (FinnFund), the Emerging Markets Climate Action Fund (EMCAF), Swedfund International, the Swiss Investment Fund for Emerging Markets (SIFEM), and the Netherlands Development Finance Corporation (FMO).

Candi Solar raises US$38M for solar energy projects

Swiss company Candi Solar has raised US$38 million to supply solar energy to commercial and industrial (C&I) customers in Africa and India.

The recent financing round, which saw Candi Solar raise US$ 38 million, was a testament to the company’s potential. It was led by prominent investors such as Norwegian investor Norfund (US$20 million), France’s STOA Infra & Energy, and Japanese energy company Kyuden International Corporation.

Candi Solar finances and installs ground-mounted and rooftop photovoltaic solar power plants, which it leases to C&I customers.

“To accelerate the decarbonization of electricity production, we are convinced of the need to encourage the development, alongside these large capacities, of small renewable electricity production units close to commercial and industrial activities,” explains Marie-Laure Mazaud, Managing Director of STOA Infra & Energy, marking its second investment in Candi.

Candi Solar’s solutions are not just about providing solar energy. They are about democratizing access to this vital resource. Their initiatives have made it possible for small and medium-sized enterprises (SMEs) to harness the power of solar energy, a significant step towards sustainability.”

Candi said the US$38 million investment will finance an additional 200 MW of commercial solar projects and “support strategic hiring initiatives to support its rapid expansion.”

Candi currently boasts 112 MW of installed capacity in India and South Africa. The Zurich-based solar energy provider in South Africa operates in at least eight provinces.

For example, in Gauteng, Candi has installed a 135 kWp ground-mounted solar power plant to supply French energy solutions and automation giant Schneider Electric facilities.

Candi produces 1.2 MWp of solar power for farmer Henbrie Boerdery in Douglas in the Northern Cape.

These initiatives represent significant steps towards advancing renewable energy solutions and fostering sustainable development across Africa and beyond.

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