The African Development Bank Group’s Board of Directors approved a $20 million equity investment in Evolution Fund III. A pan-African clean and sustainable energy private equity fund that will invest $400 million over 10 years in renewable energy and resource-efficient assets in sub-Saharan Africa.
With North Africa, many SSA nations, and decentralized energy business models as the focal points of climate mitigation and energy transition, EVIII wants to expand its geographic and technological scope.
Building on the success of the Evolution Funds I and II, which produced about 1,309 jobs, 22% of which were for women, the bank’s support is anticipated to contribute to an additional 2,162MW of installed renewable power generation capacity, 1. 8 million tons of CO2 emission savings, and a green and sustainable growth throughout Africa by creating 2,480 full-time jobs.
According to him, the bank’s investment in Evolution Fund III is consistent with its “High Five goals,” including “Light Up and Power Africa” as part of its New Deal on Energy for Africa.