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. A total of 12 investments were funded, representing approximately 918 MW of renewable energy generation assets and 3 growth equity businesses. 9 portfolio exits achieved to date and five renewable energy project sales. All operational renewable energy generation assets have been exited to date together with one growth equity business.
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 second closing on 28 March 2018 having raised USD124.5 million from seven international investors. Evolution II is targeting USD250 million for a final closing by end of September 2018. 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.