By Ayomide Otitoju
The International Finance Corporation (IFC) and its partners have appointed Inspired Evolution as the investment manager for Zafiri, a new decentralized renewable energy (DRE) equity investment vehicle aimed at expanding access to clean electricity and cooking solutions for tens of millions across sub-Saharan Africa.
Zafiri plays a central role in Mission 300—a joint initiative by the World Bank Group and African Development Bank (AfDB)—which seeks to deliver first-time electricity access to 300 million Africans by 2030. The fund will channel long-term equity into underfinanced DRE companies driving last-mile electrification. Its founding partners include IFC, AfDB, The Rockefeller Foundation, Trade and Development Bank Group (TDB Group), and the Nordic Development Fund (NDF).
Inspired Evolution, an Africa-based investment firm specializing in clean energy and climate solutions, has financed over 10 GW of renewable energy capacity and manages more than $850 million in assets across 18 African countries.
“One of the key challenges slowing Africa’s energy transition is the lack of equity financing for distributed energy companies,” said Ethiopis Tafara, IFC Vice President for Africa. “Zafiri addresses this ‘missing middle’ by providing long-term equity to these companies, helping scale innovative business models that will reach 30 million people and create jobs across the continent.”
AfDB’s Vice President for Power, Energy, Climate and Green Growth, Kevin Kariuki, said Zafiri will inject vital risk capital into the DRE sector, boosting its commercial maturity and impact on off-grid communities.
Inspired Evolution’s Co-Founder and Managing Partner, Wayne Keast, described the partnership as “a unique opportunity to close the equity financing gap for distributed energy solutions” and to build “high-impact businesses that deliver clean, affordable, and reliable energy.”
Structured as a permanent capital vehicle, Zafiri will leverage concessional equity to attract private sector investment into scalable off-grid and decentralized energy projects. The platform aims to mobilize up to $1 billion by 2026, starting with an initial capitalization of $300 million.
Over its lifespan, Zafiri is projected to expand electricity and clean cooking access for more than 30 million people while strengthening Africa’s renewable energy ecosystem. Operations are expected to commence in early 2026.
The Rockefeller Foundation, TDB Group, and NDF reaffirmed their commitment to the initiative, emphasizing its potential to accelerate energy access, catalyze private investment, and drive sustainable, inclusive growth across Africa.
