Connecting the dots in Africa's energy sector (Image source: Adobe Stock)

South Africa-based Inspired Evolution has been named investment manager for Zafiri, a new entity focused on expanding access to electricity across sub-Saharan Africa

Zafiri is a capital investment vehicle to be established under the African Development Bank’s Mission 300 agenda to expand energy access for 300 million Africans by 2030.

Its founding partners also include the World Bank’s IFC, The Rockefeller Foundation, Trade and Development Bank Group and Nordic Development Fund.

Backed by an initial US$300mn capitalisation by 2026, Zafiri is expected to scale up to US$1bn to accelerate energy access in Africa.

Over its lifespan, it aims to facilitate new electricity connections and clean cooking access for more than 30 million people while supporting the growth of Africa’s distributed renewable energy (DRE) sector.

Operations will commence in early 2026.

“We are honoured to partner with IFC, AfDB and global investors to manage Zafiri, a vehicle uniquely designed to close the equity financing gap for distributed energy solutions across Africa,” said Wayne Keast, co-founder and managing partner at Inspired Evolution.

“We will focus on building and scaling high-impact businesses that can deliver clean, affordable and reliable energy while driving inclusive and climate-resilient economic growth.”

Zafiri’s goal is to channel long-term equity into DRE companies that are deemed essential to last-mile access, yet remain underfinanced by mainstream capital markets.

Announcing the appointment of Inspired Evolution to lead the project, Ethiopis Tafara, IFC’s vice president for Africa, said the lack of equity financing for distributed energy companies remains one of the key challenges slowing the continent’s energy transition.

“Zafiri addresses this ‘missing middle’ by offering long-term equity to these providers, helping scale innovative business models,” said Tafara.

Inspired Evolution brings strong local investment expertise and a proven track record, making it a valuable partner for M300 in delivering development impact through the private sector, Tafara added.

Founded in 2007, the climate investment firm also has offices in Nairobi, Abidjan, London and Mauritius.

Headquartered in Cape Town, it has financed more than 10 GW of renewable energy generation, supported 29 companies across 18 African countries, and manages over US$850mn, including co-investments, through its suite of Evolution funds.

Kevin Kariuki, AfDB’s vice president for power, energy, climate and green growth, said that Zafiri will “inject the much-needed risk capital to take the DRE sector to the next level in terms of commercial maturity, larger operational footprint, and ultimately impact on the many communities beyond the grid.”

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SWREL strengthens presence in Africa

Sterling and Wilson Renewable Energy Limited (SWREL), a leading domestic renewable EPC, has announced that it has secured three new projects

The company has been declared L1 for the Engineering, Procurement, and Construction of a 363 MWp DC PV plant in Rajasthan, India (approx. US$430mn).

Additionally, SWREL has been declared L1 for the Engineering, Procurement, and Construction of a 580 MWp DC PV plant in Uttar Pradesh, India (approx. US$690mn). Both domestic orders are on a BOS basis.

The company has also received a Letter of Intent (LOI) for a 115 MWp project in South Africa, valued at approximately US$120mn.

The combined EPC value of these three new orders is approximately INR 1,772 crore (approx. US$1.24bn), bringing total order inflows for this fiscal year to INR 3,775 crore (approx. US$2.64bn).

Speaking on the order wins, Chandra Kishore Thakur, global CEO, Sterling and Wilson Renewable Energy Limited, said, “We are very happy to have won two more prestigious domestic solar projects and these project wins continue to reflect our strong positioning in a fast growing domestic market. Apart from our leading presence in India, we are also encouraged by the strong inroads we are making into another rapidly growing market in South Africa where we have bagged our third order worth USD 120 million. Our earlier two projects in South Africa are progressing well. We will be completing the projects in Q1 FY2027 and will be maintaining our order booking margins.”

Urgent action needed for energy transition

The world is falling behind on renewable energy and efficiency goals, despite record capacity growth in 2024, according to a new report from the International Renewable Energy Agency (IRENA), the COP30 Brazilian Presidency, and the Global Renewables Alliance (GRA).

Global renewable capacity additions reached 582 GW last year, yet the COP28 UAE Consensus target of tripling renewables to 11.2 TW by 2030 now requires 1,122 GW annually, with 16.6% growth needed each year. Energy efficiency also lags, with global energy intensity improving by just 1% in 2024—far below the 4% annual gains needed to meet UAE Consensus goals.

The report calls for urgent action: integrating renewable targets into national climate plans, doubling collective NDC ambition, and scaling investment in renewables to at least USD 1.4 trillion annually through 2030.

United Nations Secretary-General António Guterres said, “The clean energy revolution is unstoppable. Renewables are deployed faster and cheaper than fossil fuels – driving growth, jobs, and affordable power. But the window to keep the 1.5°C limit within reach is rapidly closing. We must step up, scale up and speed up the just energy transition – for everyone, everywhere.”

IRENA Director-General Francesco La Camera added, “The world has broken renewable capacity records, but records alone will not keep 1.5°C alive. Renewables are not just the most cost-effective climate solution; they are the biggest economic opportunity of our time. This report shows the path: accelerate deployment, modernise grids, scale clean-tech and strengthen supply chains.”

Ben Backwell, Chair of the GRA, said, “The private sector is driving the energy transition, providing three-quarters of global clean energy investment… What we need now are long-term government plans that match national ambitions; we need pipelines that deliver projects.”

The report highlights that G20 nations must lead, contributing over 80% of global renewable capacity by 2030, while advanced economies should ramp up climate finance and investment in grids, storage, and clean-tech supply chains to secure a stable energy transition.

The partnership will deliver fully integrated, turnkey renewable energy solutions tailored for mining operations

Voltalia, a global leader in renewable energy, has announced a strategic partnership with IFC, a member of the World Bank Group, to advance clean energy solutions for mining operations in Africa

Mining remains a highly energy-intensive sector, with many sites dependent on fossil fuels, especially in areas with limited access to stable power grids. While Africa contributes only a small portion of global greenhouse gas emissions, its vast mineral resources make it central to shaping a sustainable energy future.

Through this collaboration, Voltalia and IFC will work together to identify and develop Power-to-Mine (PtM) projects, aimed at reducing mining companies’ reliance on carbon-intensive energy by integrating renewable solutions. The focus will be on the near- to medium-term deployment of renewable energy infrastructure across selected African countries.

Voltalia brings extensive expertise across the entire project lifecycle, ensuring reliable and high-performance energy systems. The partnership will deliver fully integrated, turnkey renewable energy solutions tailored for mining operations, potentially including hybrid solar-wind systems, battery storage, corporate power purchase agreements (PPAs), and construction and maintenance services.

Robert Klein, CEO of Voltalia, commented, “This collaboration with IFC reflects our shared ambition to accelerate the minerals sector’s transition to cleaner energy. By combining Voltalia’s technical expertise with IFC’s development-driven approach, we’re helping to build a more resilient and sustainable energy future for the mining sector.”

Valerie Levkov, IFC global industry director for energy, metals & mining and Sustainable Infrastructure Advisory, said, “IFC’s partnership with Voltalia will bring renewable energy technologies to Africa’s important minerals sector, which contributes to jobs and economic development across the continent. Working with Voltalia, IFC will support tangible and long-term solutions that bring environmental and economic benefits.”

Voltalia’s enduring commitment to environmental improvement and local development underpins its strategy, making this initiative a natural extension of its purpose-driven mission.

The partnership also supports broader decarbonisation goals for the mineral industry and contributes to Mission 300, an initiative by the World Bank Group and African Development Bank to connect 300 million Africans to sustainable, affordable, and reliable electricity by 2030, alongside IFC’s push for distributed renewable energy solutions.