IFC, AfDB taps Inspired Evolution to manage Zafiri energy access Fund

International Finance Corporation (IFC), a member of the World Bank Group, alongside the African Development Bank Group (AfDB) and a coalition of founding partners, has named Inspired Evolution as the investment manager for Zafiri, a pioneering investment vehicle aimed at expanding electricity and clean cooking access to tens of millions across sub-Saharan Africa.

Announced today, this appointment marks a critical step in the Mission 300 initiative—a joint IFC and AfDB effort to connect 300 million people to electricity by 2030—addressing the “missing middle” of underfinanced distributed renewable energy (DRE) companies vital to last-mile access.

Backed by an initial $300 million capitalization set to grow to $1 billion by 2026, Zafiri’s launch, slated for early 2026, will leverage concessional equity to de-risk private sector involvement, mobilizing commercial capital for off-grid and decentralized energy solutions.

Inspired Evolution, a Cape Town-based firm founded in 2007 with a robust portfolio of over 10 GW of renewable energy generation and $850 million in managed assets across 29 companies in 18 African countries, brings unmatched local expertise to the table. The initiative, supported by founding partners including The Rockefeller Foundation, Trade and Development Bank Group (TDB Group), and Nordic Development Fund (NDF), aims to facilitate new electricity and clean cooking connections for over 30 million people while boosting job creation.

ALSO READ: ELUMELU RALLIES LEADERS TO UNITE PUBLIC AND PRIVATE SECTORS FOR AFRICAN PROSPERITY

Ethiopis Tafara, IFC Vice President for Africa, emphasized the strategic importance, stating, “Zafiri addresses the lack of equity financing for DRE companies, helping scale innovative models and reach 30 million people, spurring jobs across the continent—IFC is proud to deepen support through Inspired Evolution’s proven track record.”

Kevin Kariuki, AfDB’s Vice President for Power, Energy, Climate and Green Growth, added, “Zafiri will inject risk capital to elevate the DRE sector’s commercial maturity, leveraging AfDB’s Sustainable Energy Fund for Africa to impact communities beyond the grid.”

Wayne Keast, Co-Founder and Managing Partner at Inspired Evolution, expressed enthusiasm, noting, “We are honored to partner with IFC, AfDB, and global investors to manage Zafiri, uniquely designed to close the equity gap for distributed energy solutions, focusing on high-impact businesses that deliver clean, affordable energy while driving inclusive, climate-resilient growth.”

The Rockefeller Foundation’s Ghita Benabderrazik highlighted their $10 million commitment announced at the Mission 300 Africa Energy Summit, underscoring a dedication to reducing poverty and creating jobs through innovative finance. TDB Group’s Admassu Tadesse and NDF’s Satu Santala further praised the initiative, with Tadesse noting the complementary equity support to TDB’s debt efforts, and Santala emphasizing NDF’s role in catalyzing commercial investments for climate action.