Inspired Evolution has announced a US$35 million commitment from the African Development Bank (AfDB) and state-owned development finance institution Swedfund International AB (Swedfund) for the second closing of the Evolution II fund.

The purpose of AfDB's US$20 million investment is to meet renewable energy targets in line with the Nationally Determined Contributions (NDC) of the Bank's regional members. Swedfund has reported that their US$15 million Evolution II investment is in line with their investment strategy. Inspired Evolution stated that the investment strengthens its market position as a clean energy and resource efficiency consultancy in sub-Saharan Africa.

The 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. The Evolution II Fund will invest an estimated US$250 million in various renewable energy and resource-efficiency assets across sub-Saharan Africa.