Backed by global development heavyweights, including IFC, AfDB, The Rockefeller Foundation, TDB Group, and NDF, Zafiri is filling one of Africa’s toughest financing gaps by channeling long-term equity into distributed renewable energy companies that deliver last-mile access where traditional capital falls short.
The African Development Bank Group (AfDB), The International Finance Corporation (IFC), and partner organizations announced that Inspired Evolution will manage their new decentralised energy investment vehicle – Zafiri.
The fund will serve as a cornerstone of Mission 300, the World Bank Group and AfDB’s bold initiative to deliver first-time electricity access to 300 million people across Sub-Saharan Africa by 2030.
Through Zafiri, the partners aim to unlock one of the most underfunded areas of the energy transition: small-scale, decentralised renewable projects critical to powering homes and businesses beyond the grid. The platform will provide long-term equity to help these companies expand operations, scale innovation, and reach underserved communities.
The appointment of Inspired Evolution as Zafiri’s investment manager marks a significant milestone for Mission 300. Headquartered in Cape Town, Inspired Evolution is a leading Africa-focused investment firm specialising in clean energy and climate finance. Since 2007, it has financed over 10 GW of renewable energy generation, supported 29 companies across 18 countries, and manages more than $850 million in assets and co-investments.
Backed by the International Finance Corporation (IFC), African Development Bank Group (AfDB), The Rockefeller Foundation, the Trade and Development Bank Group (TDB Group), and the Nordic Development Fund (NDF), and structured as a permanent capital investment vehicle, Zafiri combines concessional junior equity with private investment to de-risk participation and mobilise commercial capital into Africa’s off-grid and clean cooking sectors.
With an initial $300 million capitalisation by 2026, and expected to scale up to $1 billion, the vehicle targets electricity and clean-cooking access for more than 30 million people over its lifespan, with operations slated to begin in early 2026.
Development partners emphasised that Zafiri complements existing energy-finance programs by addressing the “missing middle” — the equity shortage that prevents many distributed energy companies from growing to commercial scale. By combining AfDB’s Sustainable Energy Fund for Africa (SEFA) with IFC’s development finance and private-sector expertise, the initiative seeks to build a more mature and investable DRE market across Africa.
