EVOLUTION III

Promoteur – Intermédiaire Financier

INSPIRED EVOLUTION INVESTMENT MANAGEMENT (PTY) LTD

Lieu

• Régional - Afrique de l'Est
• Afrique australe
• Régional - Afrique de l'Ouest

Description

Fund targeting renewable energy, energy efficiency, energy access and other resource efficiency projects and related corporate investments in Africa.

Additionality and Impact

EIB's investment supports an independent fund manager in raising its next generation fund focused on renewable energy, energy efficiency and other resource efficiency investments in Africa, which will address a significant market gap in these areas which stems from the market failure of asymmetric information. The Fund manager has significant experience in investing in the African renewable sector.

Through an investment in the Fund, the EIB will (i) address the market gap related to the scarcity of capital for access and generation of clean energy projects in Africa, (ii) support an experienced and impact focused Advisor to further build out its investment program of commercially viable projects, (iii) provide a strong signalling effect to the market, helping to attract new and support existing investors to (re-) invest in the Fund and (iv) help the Fund to reach its first closing with an adequate fund size and start to deploy capital on the ground.

The operation is strongly aligned with EU policy goals, meets the Bank's priority objectives in climate action and environment, and support three focus areas of the European Commission's assistance programme (Private Sector Development, Environment and Climate Change and Energy). It will also contribute to the European Commission's Global Gateway strategy and the European Green Deal. 

Objectifs

The fund will provide equity to predominantly greenfield infrastructure investments in the sectors of clean energy generation, energy access, as well as resource efficiency in Africa.

Secteur(s)

• Énergie - Production et distribution d'électricité, de gaz, de vapeur et d'air conditionné

Montant BEI envisagé (montant approximatif)

USD 55 million (EUR 53 million)

Coût total (montant approximatif)

USD 400 million (EUR 388 million)

Aspects environnementaux

Details of the fund's environmental and social due diligence procedures for ensuring compliance with national legislation, the principles and standards of relevant EU legislation and EIB's Environmental and Social Standards, as well as the capacity of the Advisor to assess, monitor and mitigate environmental and social risks and impacts, will be reviewed during appraisal. The fund will be required to develop an environmental and social policy, and establish the appropriate management systems so as to comply with the environmental and social requirements of the Bank. The assessment of the environmental and social impacts and risks will be part of the standard due diligence process that the fund will have to carry out for each underlying investment, thereby ensuring that the portfolio and these investments are in compliance with national law and in line with the principles and standards of relevant EU environmental legislation, as well as the EIB Environmental and Social Standards.

Passation des marchés

The Bank will require the Fund Manager to take all requisite measures to ensure that contracts for implementation of the projects financed by the fund have been and will be tendered in line with the principles of EU Directives on public procurement and/or concessions and the Bank's Guide to Procurement.

Statut

Signé - 16/12/2022