Africa's first mover in clean energy finance: a fund developed through forward thinking...

Evolution II has an advanced pipeline of around 7-8 investments, of which 2-3 are expected to close by mid 2017.

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 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. The fund will contribute to addressing the growing need to replace ageing and inefficient carbon-intensive power plants as well as contribute to building least-cost, low-carbon clean and sustainable energy generation capacity to address the estimated 130 GW suppressed demand across sub-Saharan Africa’s high-growth countries.

Evolution II will also contribute to the need for improved energy and resource efficiency measures across business activities that span key sectors in sub-Saharan Africa. These sectors are experiencing growing energy and resource insecurity. Within this changing resource landscape, the responsible deployment of capital to companies that are ‘doing more with less’ is a compelling private equity growth story. Most business activities are located within the food, energy and water nexus that informs the climate mitigation and adaptation response priority within sub-Saharan Africa, and includes transport, industry processes and supply chain logistics.

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.

Vintage: 2016
Fund Size: US$90m (at First Closing, conditional on one investor approval expected mid March 2017)
Status: Active: Currently Investing
Geography: The sub-Saharan Africa region

Fund Portfolio Investments