Managing Partner, Wayne Keast, said that he was pleased with these additional investor commitments towards Evolution II's imminent second closing. Keast confirmed that the fund's investors comprise a mix of strategic international DFIs, specialized fund-of-funds, and a family office.
The Vice President for Power, Energy, Climate and Green Growth Complex of the African Development Bank, Amadou Hott, emphasized AfDB's commitment to boost its investment in renewable energy projects, evidenced by the increase of the share of renewable energy project as a portion of AfDB's portfolio of power generation from 15 percent in 2007-2011 to 75 percent in 2012-2017.
The Bank's $20 million investment into Evolution II will contribute to meeting the renewable energy targets of the Nationally Determined Contributions of the Bank's regional member countries.
Maria Håkansson, CEO of Swedfund, the Swedish state-owned development finance institution, emphasized that financing sustainable energy in developing markets is one of Swedfund's key priorities in its investment strategy, and that Swedfund's $15 million commitment to Evolution II fits well within Swedfund's mandate.
Evolution II is targeting $250 million for a final closing by September 30, 2018. Evolution II invests in affordable, least-cost, low-carbon clean energy infrastructure projects and promotes growth in resource efficiency technologies, products and businesses
"We welcome our new investor partners onboard the Inspired Evolution platform. We are delighted with the further support and recognition given by the market to Inspired Evolution's goal, mission and performance," said Matty Vengerik, CEO of Quantum Power, the fund's seed investor and one of its cornerstone investors with operations across Africa.
