The International Finance Corporation (IFC), the African Development Bank Group (AfDB), and partner organisations have appointed Inspired Evolution as the investment manager for Zafiri, a new decentralised renewable energy (DRE) equity investment platform aimed at accelerating electricity and clean cooking access for millions across Sub-Saharan Africa.
Zafiri is a central component of Mission 300, a joint initiative by the World Bank Group and AfDB to connect 300 million Africans to electricity by 2030. The new fund is designed to close Africa’s long-standing energy financing gap by channeling long-term equity into small and medium-sized DRE companies that are often overlooked by traditional financiers.
Zafiri’s founding partners include IFC, AfDB, The Rockefeller Foundation, Trade and Development Bank Group (TDB Group), and the Nordic Development Fund (NDF).
Closing Africa’s Energy Financing Gap
Inspired Evolution, the Cape Town-based investment firm appointed to manage Zafiri, has a proven record in renewable energy investment across Africa. Since its founding in 2007, the firm has financed over 10 GW of clean energy projects, supported 29 companies in 18 countries, and manages more than $850 million in investments.
“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 providing long-term equity to these providers, helping them scale and innovate. We’re proud to support this initiative, which will reach over 30 million people and create new jobs across the continent.”
Kevin Kariuki, AfDB Vice President for Power, Energy, Climate and Green Growth, added: “By combining AfDB’s Sustainable Energy Fund for Africa (SEFA) with IFC and partners, Zafiri will inject the risk capital needed to elevate the DRE sector to commercial maturity and expand access to millions living beyond the grid.”
A $1 Billion Push for Energy Access
Zafiri is structured as a permanent capital investment vehicle, providing stable, long-term financing to off-grid and decentralised energy companies. The fund leverages concessional junior equity to reduce investment risks and attract commercial capital.
With an initial $300 million in capital by 2026, Zafiri is expected to scale up to $1 billion, targeting more than 30 million new energy and clean cooking connections across Africa. Operations are set to begin in early 2026.
“We are honoured to partner with IFC, AfDB and other investors to manage Zafiri,” said Wayne Keast, Co-Founder and Managing Partner at Inspired Evolution. “Our focus will be on building high-impact businesses that deliver clean, affordable, and reliable energy while driving inclusive, climate-resilient growth.”
Global Partners Backing Africa’s Clean Energy Future
The Rockefeller Foundation, which has pledged $10 million to Zafiri, reaffirmed its commitment to accelerating energy access.
“Inspired Evolution’s proven track record makes it an ideal partner to drive equitable and sustainable energy access,” said Ghita Benabderrazik, Director of Innovative Finance at the Foundation.
TDB Group President Admassu Tadesse highlighted the importance of blending equity with debt solutions:
“By joining forces with our partners, we’re providing much-needed equity to small-scale DRE providers that catalyse sustainable community development.”
Satu Santala, Managing Director of NDF, also noted: “Zafiri enables the speed and scale required to meet Mission 300’s ambitious goals. Our capital will help attract significant commercial investment for climate action across Africa.”
With Zafiri’s launch, Africa takes a major step toward bridging its off-grid energy gap, empowering millions of households and businesses while driving the continent’s clean energy transition.
