The European Investment Bank (EIB) has announced its intentions to invest EUR55 million (US$55 million) into Evolution III, an Africa-focused energy and infrastructure fund managed by Inspired Evolution Investment Management. 

Evolution III Net Zero is a fund targeting renewable energy, energy efficiency, energy access and other resource efficiency projects and related corporate investments in Africa. The fund will provide equity to predominantly greenfield infrastructure investments in the sectors of clean energy generation, energy access, as well as resource efficiency.

The fund will be required to develop an environmental and social policy, as well as establish the appropriate management systems to comply with EIB´s environmental and social requirements. Furthermore, the EIB will require Inspired Evolution to take all requisite measures to ensure that contracts for the 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 EIB's Guide to Procurement.