IFC, AfDB and Partners Appoint Inspired Evolution to Manage New Off-Grid Energy Investment Vehicle
The International Finance Corporation (IFC), African Development Bank Group (AfDB) and partners have appointed Inspired Evolution as the investment manager for Zafiri, a new decentralised renewable energy (DRE) equity vehicle aimed at expanding access to electricity and clean cooking solutions across sub-Saharan Africa.
Zafiri forms a central part of Mission 300, a joint initiative of the World Bank Group and AfDB designed to deliver first-time electricity access to 300 million Africans by 2030. The initiative seeks to close one of Africa’s biggest energy-financing gaps by directing long-term equity into distributed renewable energy companies that remain underfunded by traditional capital markets.
Inspired Evolution, an Africa-based investment firm founded in 2007, brings extensive experience in scaling clean energy and climate solutions. The firm has financed more than 10 gigawatts of renewable generation, supported 29 companies in 18 African countries, and manages over 850 million dollars, including co-investments.
Ethiopis Tafara, IFC Vice President for Africa, said the lack of equity financing for distributed energy companies continues to hinder Africa’s energy transition. He added that Zafiri would provide long-term equity to help such firms expand and reach millions of new users.
Kevin Kariuki, AfDB’s Vice President for Power, Energy, Climate and Green Growth, emphasised that the initiative would provide the risk capital needed to elevate the DRE sector to greater commercial maturity and impact more off-grid communities.
Zafiri is structured as a permanent capital investment vehicle that will de-risk private sector participation through concessional junior equity. With an initial 300 million dollars expected by 2026, the fund aims to grow to 1 billion dollars, facilitating electricity and clean cooking access for more than 30 million people by 2030.
The Rockefeller Foundation, TDB Group and Nordic Development Fund are among Zafiri’s founding partners. Each has reaffirmed its commitment to scaling renewable energy access and mobilising private capital for climate action across Africa.
Operations are scheduled to begin in early 2026.
