IFC, the AfDB, and founding partners today announced the appointment of Inspired Evolution as the investment manager for Zafiri, a new investment vehicle focused on expanding access to electricity and clean cooking for tens of millions of people across sub-Saharan Africa.
The appointment underscores Zafiri’s central role in Mission 300, a joint initiative of the WBG and AfDB to provide first-time electricity access to 300 million people in Sub-Saharan Africa by 2030. Zafiri addresses one of Africa’s toughest energy-financing gaps by channelling long-term equity into distributed renewable energy (DRE) companies that are essential to last-mile access yet remain underfinanced by mainstream capital markets. Zafiri’s founding partners include IFC, AfDB, The Rockefeller Foundation, Trade and Development Bank Group (TDB Group), and Nordic Development Fund (NDF).
Inspired Evolution is an Africa-based investment firm focused on scaling clean energy and climate solutions across the continent. The company, founded in 2007 and headquartered in Cape Town, has financed more than 10 GW of renewable energy generation, supported 29 companies across 18 African countries, and manages over $850 million including co-investments, through its suite of Evolution funds.
One of the key challenges slowing Africa’s energy transition is the lack of equity financing for distributed energy companies — those expanding power generation and improving access for millions. 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 spur job creation across the continent. Through our commitment to the M300 platform, we are deepening our support for impactful solutions like Zafiri. Inspired Evolution brings strong local investment expertise and a proven track record, making it a valuable partner for M300 in delivering development impact through the private sector.
Ethiopis Tafara, IFC Vice President for Africa
By combining AfDB’s capital — including our Sustainable Energy Fund for Africa (SEFA) — with IFC and partners, Zafiri will inject the much needed risk capital to take the DRE sector to the next level in terms of commercial maturity, larger operational footprint, and ultimately impact on the many communities beyond the grid.
Kevin Kariuki, the African Development Bank’s Vice President for Power, Energy, Climate and Green Growth
We are honored to partner with IFC, AfDB and global investors to manage Zafiri, a vehicle uniquely designed to close the equity financing gap for distributed energy solutions across Africa. We will focus on building and scaling high-impact businesses that can deliver clean, affordable and reliable energy while driving inclusive and climate-resilient economic growth.
Wayne Keast, Co-Founder and Managing Partner at Inspired Evolution
Zafiri is structured as a permanent capital investment vehicle that provides long-term equity to expand clean energy access in underserved markets. The vehicle leverages concessional junior equity to de-risk private sector participation and mobilize commercial capital into scalable off-grid and decentralized energy solutions. Backed by an initial $300 million capitalization by 2026, Zafiri is expected to scale up to $1 billion to accelerate energy access in Africa.
Over its lifespan, Zafiri aims to facilitate new electricity connections and clean cooking access for more than 30 million people while supporting the growth of Africa’s DRE sector. Operations will commence in early 2026.