The African Development Bank (AfDB) has approved a US$20 million equity investment for Evolution III (EVIII), an Africa-focused energy and infra fund managed by Cape Town-based Inspired Evolution in Africa.

The US$400 million fund will mobilize renewable energy and resource-efficiency assets across sub-Saharan Africa (SSA) over a 10-year period. The main focus of EVIII is to widen the geographical and technological scope to include North Africa, numerous SSA nations, and decentralized energy business models for the energy transition and climate mitigation.

The Bank's support is expected to install 2,162 MW of renewable power generation capacity contributing to 1.8 million tons of CO₂ emission savings, and green and sustainable growth across Africa by creating 2,480 full-time jobs.