A new investment vehicle named Zafiri has been launched to expand electricity access across sub-Saharan Africa, with South Africa-based firm Inspired Evolution appointed as its investment manager. Zafiri is part of the African Development Bank’s Mission 300 agenda, which aims to provide energy access to 300 million Africans by 2030.
The initiative brings together global partners, including the World Bank’s International Finance Corporation (IFC), The Rockefeller Foundation, Trade and Development Bank Group, and the Nordic Development Fund. Zafiri is initially capitalized at US$300 million by 2026 and is expected to grow to US$1 billion to accelerate energy access across the continent.
Zafiri’s mission is to provide electricity connections and clean cooking solutions for more than 30 million people while supporting the growth of Africa’s distributed renewable energy (DRE) sector. Operations are expected to start in early 2026.
Wayne Keast, co-founder and managing partner at Inspired Evolution, said, “We are honoured 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.”
He added, “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.”
The fund will channel long-term equity into DRE companies that are critical for last-mile energy access but often underfunded by mainstream capital markets. By offering equity financing, Zafiri seeks to bridge the gap that slows the continent’s energy transition.
Ethiopis Tafara, IFC’s vice president for Africa, said, “The lack of equity financing for distributed energy companies remains one of the key challenges slowing Africa’s energy transition. Zafiri addresses this ‘missing middle’ by providing long-term equity to these providers, helping scale innovative business models.”
Tafara highlighted that Inspired Evolution brings strong local investment expertise and a proven track record, making the firm a valuable partner in delivering development impact through the private sector.
Founded in 2007 and headquartered in Cape Town, Inspired Evolution has offices in Nairobi, Abidjan, London, and Mauritius. The firm has financed over 10 gigawatts of renewable energy generation, supported 29 companies across 18 African countries, and manages more than US$850 million in assets, including co-investments, through its Evolution funds.
Kevin Kariuki, vice president for power, energy, climate, and green growth at the African Development Bank, said, “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.”
The fund is designed to empower innovative business models in distributed energy while ensuring inclusive growth. By targeting companies that provide electricity to off-grid communities, Zafiri aims to address both energy poverty and climate resilience.
With energy demand in Africa rising rapidly and a significant portion of the population lacking reliable electricity, Zafiri offers a strategic solution to accelerate access. Long-term equity financing can help these companies scale operations, improve service delivery, and attract additional private investment, creating sustainable development outcomes.
Inspired Evolution’s leadership of the fund signals confidence in local expertise driving Africa’s energy transformation. By combining financial support with operational guidance, Zafiri aims to expand electricity coverage efficiently and equitably.
As sub-Saharan Africa faces a pressing need for off-grid energy solutions, Zafiri represents a significant step toward achieving the Mission 300 goal. The initiative is expected to stimulate economic growth, provide cleaner cooking alternatives, and increase energy security for millions across the region.
Through strategic investments and partnerships, Zafiri seeks to reshape Africa’s energy landscape, ensuring that distributed renewable energy becomes a viable and scalable solution for communities currently without access.
