WASHINGTON D.C., United States of America, October 21, 2025 — In a major milestone toward tackling Africa’s off-grid gap, the African Development Bank Group (AfDB) (www.AfDB.org), the International Finance Corporation (IFC), and partner organizations have appointed Inspired Evolution as the investment manager for Zafiri — a new decentralized renewable energy (DRE) equity investment vehicle dedicated to expanding access to electricity and clean cooking solutions across Sub-Saharan Africa.
The appointment marks a pivotal advancement in Mission 300, a collaborative initiative of the World Bank Group and AfDB designed to provide first-time electricity access to 300 million Africans by 2030.
Through Zafiri, partners aim to address the longstanding financing barriers that limit off-grid and small-scale renewable energy companies from scaling up sustainable energy access in underserved regions.
Zafiri will play a central role in tackling Africa’s off-grid gap by channeling long-term equity financing into distributed renewable energy firms — those delivering power to last-mile communities and driving innovation in clean cooking solutions.
Founding partners of the vehicle include IFC, AfDB, The Rockefeller Foundation, Trade and Development Bank Group (TDB Group), and the Nordic Development Fund (NDF).
Empowering Local Solutions to Close the Energy Gap
Founded in 2007 and headquartered in Cape Town, Inspired Evolution is a leading African investment firm specializing in clean energy and climate solutions.
The firm has financed over 10 GW of renewable energy generation, supported 29 companies across 18 African countries, and manages more than $850 million in assets.
“One of the key challenges slowing Africa’s energy transition is the lack of equity financing for distributed energy companies,” said Ethiopis Tafara, IFC Vice President for Africa.
“Zafiri addresses this ‘missing middle’ by offering long-term equity to these providers, helping scale innovative business models. IFC is proud to support this initiative, which is expected to reach 30 million people and create thousands of jobs.
Through our commitment to Mission 300, we are deepening support for impactful solutions like Zafiri.”
Scaling Investments for Inclusive Growth
Kevin Kariuki, AfDB’s Vice President for Power, Energy, Climate, and Green Growth, emphasized that Zafiri combines the AfDB’s capital — including from its Sustainable Energy Fund for Africa (SEFA) — with IFC and global partners to provide the risk capital necessary to scale the DRE sector.
“By pooling capital and expertise, we will inject the equity needed to take Africa’s decentralized energy market to the next level — driving operational maturity and delivering impact to millions beyond the grid,” Kariuki said.
Building a Billion-Dollar Platform for Africa’s Energy Access
Zafiri is structured as a permanent capital investment vehicle, blending concessional junior equity with commercial financing to attract private capital.
With an initial capitalization of $300 million by 2026, Zafiri aims to scale to $1 billion, driving investments in mini-grids, solar home systems, and clean cooking enterprises.
“We are honored to manage Zafiri alongside IFC, AfDB, and global investors,” said Wayne Keast, Co-Founder and Managing Partner at Inspired Evolution.
“Our mission is to back high-impact businesses that deliver clean, affordable, and reliable energy while catalyzing inclusive economic growth and climate resilience.”
Over its operational lifespan, Zafiri seeks to connect more than 30 million people to electricity and clean cooking while fostering industrialization, productivity, and sustainability across Sub-Saharan Africa.
Global Partnerships for Transformational Impact
Supporting institutions also welcomed the initiative.
“The Rockefeller Foundation is proud to back Inspired Evolution as it accelerates access to sustainable energy in Africa,” said Ghita Benabderrazik, Director of Innovative Finance.
“Following our $10 million investment announcement at the Mission 300 Africa Energy Summit, we reaffirm our commitment to closing Africa’s off-grid financing gap.”
Admassu Tadesse, President and Managing Director of the TDB Group, noted that Zafiri complements ongoing debt financing programs, enabling small-scale providers to electrify and uplift communities.
Similarly, Satu Santala, NDF Managing Director, highlighted that NDF’s junior capital would help catalyze private sector investment and scale-up climate action across the continent.
Through Zafiri, partners are setting a bold precedent for sustainable infrastructure finance — positioning Africa as a global leader in climate-smart investment and energy inclusion.
Distributed by APO Group on behalf of the African Development Bank Group (AfDB).
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