The African Development Bank Group’s Board of Directors today 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.
The Bank’s assistance will build on the success of the Evolution Funds I and II, which produced about 1,309 jobs, 22% of which were for women, and add an additional 2,162MW of installed renewable power generation capacity, 1.8 million tons of CO2 emission savings, and a green and sustainable growth across Africa.
The Evolution Fund III is in a good position to invest desperately needed funds in long-term, low-carbon, and climate-resilient development paths. The Bank’s investment in Evolution Fund III is consistent with its New Deal on Energy for Africa and specifically “Light Up and Power Africa” under those goals.
Decarbonization, decentralization, and digitalization will be the key strategies for addressing climate change and implementing the energy transition, according to the African Development Bank and partners in the new fund, which will also continue to provide growth capital and infrastructure equity to support renewable and sustainable energy.