IFC and AfDB appoint Inspired Evolution to manage Zafiri

The African Development Bank Group (AfDB), IFC and partners have appointed Inspired Evolution as investment manager for Zafiri, a permanent capital DRE equity vehicle to expand electricity and clean cooking access across Sub-Saharan Africa.

• Appointment & vehicle details: Zafiri is a permanent capital investment vehicle managed by Inspired Evolution to provide long-term equity to distributed renewable energy (DRE) companies; it has an initial $300 million capitalization by 2026 and is expected to scale up to $1 billion, aims to facilitate new electricity and clean cooking access for more than 30 million people, and will commence operations in early 2026.
• Partnerships, commitments & track record: Founding partners include IFC, AfDB, The Rockefeller Foundation, TDB Group, and NDF; The Rockefeller Foundation announced an anticipated $10 million investment at the Mission 300 Africa Energy Summit. Inspired Evolution (headquartered in Cape Town) has financed more than 10 GW, supported 29 companies across 18 African countries, and manages over $850 million (including co-investments). SEFA (AfDB) will be combined with partner capital to deploy concessional junior equity and mobilize commercial capital into DRE.