As one of sub-Saharan Africa's first movers in dedicated clean energy finance, our investments funded to date covers 918 MW of permitted and operational renewable energy assets, complemented by three growth equity businesses.
Evolution I is a 2008 vintage 10-year closed-ended fund with a mandate for equity and equity-related investments in clean energy and select environmental industries. The fund was fully invested by the end of 2014 in a portfolio of innovative companies and power projects that offer seasoned professional teams and game-changing technologies and business models. We are proud to work closely with them as they grow into successful ventures. Evolution I has achieved six exits to date, four of which comprise 300 MW of operational renewable energy generation assets with a balance of 600+ MW sold as permitted project assets, and one growth equity business. The remaining two active, current portfolio investments are expected to be sold by mid 2017 allowing the team to focus on investments under its successor fund, Evolution II.
Evolution II is a 10-year closed-ended fund with a mandate for equity and equity-related investments into two principle investment streams: development and project finance infrastructure-type investments in clean and sustainable energy; and growth equity investments in energy and resource efficiency companies, and the value chains that support them. Evolution II achieved its first closing in late December 2016 having raised USD90 million (c. ZAR1.2 billion) from international investors, comprising one remaining investor commitment conditional on a final approval in early March 2017. Evolution II is targeting USD250 million (c. ZAR3.5 billion) for a final closing by end of 2017. Evolution II targets sub-Saharan African countries where growth prospects, ease of doing business, policy and regulatory certainty, and political stability and bankability offer compelling investment opportunities.