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Zafiri Announces USD 176 Million Commercial Launch To Accelerate Energy Access via the Private Sector Across Sub-Saharan Africa

June 17, 2026
Press Releases
Published Date June 17, 2026
  • Will channel long-term equity into private sector distributed renewable energy (DRE) companies positioning them to serve communities beyond the grid
  • Aims to facilitate new electricity connections for more than 10 million people by 2030—rising to 30 million over its lifetime

CAPE TOWN, SOUTH AFRICA | June 17, 2026 — At the Africa Energy Forum in Cape Town, South Africa, Inspired Evolution announced the USD 176 million commercial launch of Zafiri, a blended permanent-capital vehicle focused on expanding access to electricity for tens of millions of people across sub-Saharan Africa.

Inspired Evolution, a leading African climate investment firm, was mandated by the investors to be the investment manager of Zafiri. Founding shareholders include IFC, a member of the World Bank Group; the African Development Bank Group (AfDB), including its Sustainable Energy Fund for Africa (SEFA); The Rockefeller Foundation; Trade and Development Bank Group (TDB Group); Nordic Development Fund (NDF); the John D. and Catherine T. MacArthur Foundation; and FirstRand Limited.

This launch underscores Zafiri’s role of investing in and supporting the private sector as part of Mission 300, a joint initiative co-led by the World Bank Group and the African Development Bank Group, with support from The Rockefeller Foundation, the Global Energy Alliance for People and Planet, and Sustainable Energy for All, to expand electricity access to 300 million people in sub-Saharan Africa by 2030. Zafiri will spur job creation, help connect more businesses to power, and put electricity to productive use that drives local economic activity.

Zafiri will deploy patient equity into distributed renewable energy (DRE) companies and projects across Sub-Saharan Africa, including mini-grids, solar home systems, productive-use energy solutions, and clean cooking enterprises. At least 50% of the platform’s capital is expected to support mini-grids, solar home systems, and clean cooking.

Zafiri addresses one of Africa’s toughest energy financing gaps by channeling long-term equity into DRE companies bringing reliable, affordable power to communities beyond the reach of traditional grids. Following its commercial launch at USD 176 million, Zafiri expects to reach a final close of USD 300 million within 12 months, with a longer-term ambition to scale up to USD 1 billion to accelerate energy access in Africa. Zafiri is a blended finance vehicle that aims to invest in high impact projects while maintaining financial sustainability.

Ethiopis Tafara, IFC Vice President for Africa, said: “Zafiri’s commercial launch delivers on what we promised at the Mission 300 launch — mobilizing equity at scale to close a critical development finance gap and accelerate investment into the fast-growing distributed renewable energy (DRE) sector. By blending capital and continuing to de-risk these investments, Zafiri will help connect people and businesses, create jobs, and deliver tangible human benefits. We call on more partners to join us to expand such initiatives.”

“DRE solutions, including mini-grids and stand-alone solar home systems, are projected to contribute at least 50% of new connections by 2030. Catalyzed by the Africa Development Bank’s SEFA catalytic junior equity, Zafiri is therefore most timely, and its USD 176 million commercial launch an important milestone, as it will avail long-term and much needed equity to scale distributed renewable energy companies, thereby accelerating the ambition of Mission 300”, said Dr. Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth at the African Development Bank.

“Zafiri represents an innovative multistakeholder partnership, forged under the World Bank’s Mission 300 Initiative, that leverages the positive attributes of multilateral agencies, DFIs, and philanthropic funders, together with private sector agility and competencies. Zafiri is core to our vision and mission which includes the provision of long-term, patient, blended finance mechanisms to accelerate energy access and inclusion for Africa’s underserved communities. We are proud to be the chosen private sector investment manager to implement Zafiri across the region. Underpinned by country compacts, Zafiri will enable clean and affordable DRE solutions in contribution to an African just energy transition,” said Wayne Keast, Managing Partner at Inspired Evolution.

“Zafiri is designed to address one of the most persistent barriers to energy access by scaling equity investment in distributed renewable energy companies that serve communities across sub-Saharan Africa,” said Ghita Benabderrazik, Managing Director of Innovative Finance at The Rockefeller Foundation. “By bringing catalytic capital to Zafiri, The Rockefeller Foundation aims to help de-risk an underfinanced market, mobilize long-term investment, and contribute to a more resilient financing ecosystem for distributed renewable energy: one that can power livelihoods, expand economic opportunity, and advance inclusive, sustainable development at scale.”

“TDB Group is really pleased to join forces with its MDB strategic partners and others as an equity investor in Zafiri, in support of several renewable energy sub-sectors on the continent. The Zafiri Permanent Capital Vehicle represents a very much needed boost to the risk capital of DRE and clean cooking companies that face binding equity capital constraints for their long-term growth, including their limited ability to better leverage long-term debt, which TDB has already been actively providing as part of the Mission 300 initiative. Our participation in this latest thrust is testament to our deep commitment to injecting patient capital toward inclusive, climate-aligned growth across our Member States,” said Admassu Tadesse, TDB Group President and Managing Director.

“NDF celebrates Zafiri’s launch together with the partners as an important milestone to scale up access to distributed renewable energy in Sub-Saharan Africa. Through catalytic financing, Zafiri’s success will help mobilise significant commercial financing into currently under-invested distributed renewable energy sub-sectors with the aim of transforming lives and livelihoods of climate-vulnerable communities,” said Satu Santala, NDF Managing Director.

“Expanding access to clean, reliable, affordable energy is a critical global economic development need. We’re excited to collaborate with leading impact investors on this innovative vehicle that will accelerate the flow of capital towards addressing this important challenge,” said Charles Coustan, Portfolio Manager at the MacArthur Foundation.

Mary Vilakazi, CEO of FirstRand Limited said the group was proud to be the only commercial bank and founding investor in this consortium. “This highly innovative initiative is in line with FirstRand’s long term strategy to partner with global development finance institutions and other capital providers to solve Africa’s energy needs.”

About Inspired Evolution

Inspired Evolution is a leading African climate investment firm focused on clean energy infrastructure, energy access and resource efficiency. Founded in 2007 and headquartered in Cape Town with offices in Nairobi, Abidjan, London and Mauritius, Inspired Evolution manages the Evolution funds and manages over USD 1.15 billion including co-investments for clean energy investments, with capital deployed across 21 African countries. For more information: www.inspiredevolution.co.za.

About IFC

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record USD 71.7 billion to private companies and financial institutions in developing countries. For more information, visit www.ifc.org.

About the African Development Bank

The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.afdb.org.

About The Rockefeller Foundation

Investing $30 billion over the last 113 years to promote the well-being of humanity, The Rockefeller Foundation is a pioneering philanthropy built on unlikely partnerships and innovative solutions that deliver measurable results for people in the United States and around the world. We leverage scientific breakthroughs, artificial intelligence, and new technologies to make big bets across energy, food, health, and finance. For more information, follow us on LinkedIn @the-rockefeller-foundation, X @RockefellerFdn, Instagram @rockefellerfdn, and YouTube @RockefellerFdn, and sign up for our newsletter at www.rockefellerfoundation.org/subscribe.

About the Trade and Development Bank Group

Established in 1985, the Trade and Development Bank Group (TDB Group) is an African regional multilateral development bank group of specialized entities, which work together with the mandate to finance and foster trade, regional economic integration, and sustainable development in Africa. TDB Group counts several subsidiaries and strategic business units including Trade and Development Banking, TDB Asset Management (TAM), the Trade and Development Fund (TDF), TDB Captive Insurance Company (TCI), the ESATAL trade asset management company and TDB Academy. Learn more: www.tdbgroup.org.

About Nordic Development Fund:

Nordic Development Fund (NDF) is the joint Nordic international finance institution of the five Nordic countries: Denmark, Finland, Iceland, Norway, and Sweden. NDF focuses on the nexus between climate change and development in lower-income countries and countries in fragile situations. Since the introduction of the climate mandate in 2009, NDF has built a track record of adding value by financing climate mitigation and adaptation projects in close interaction with its extensive network of strategic partners. Learn more: www.ndf.int.

About the John D. and Catherine T. MacArthur Foundation

The John D. and Catherine T. MacArthur Foundation supports creative people, effective institutions, and influential networks building a more just, verdant, and peaceful world. MacArthur strives toward transformative change on some of the world’s most pressing social issues, including the existential threats of climate change, criminal justice reform, revitalizing local news in the U.S., expanding who creates, uses, and benefits from artificial intelligence, strengthening the well-being of Native communities, and empowering young people in Nigeria. MacArthur’s Impact Investment program is working to build the field of impact investing and provide catalytic capital to address social and environmental challenges around the world.

About FirstRand Limited

FirstRand’s portfolio of integrated financial services businesses comprises FNB, WesBank, RMB, Aldermore and Ashburton. The group operates in South Africa, certain markets in sub-Saharan Africa and the UK, and offers a universal set of transactional, lending, investment and insurance products and services. Learn more: www.firstrand.co.za.

  • Will channel long-term equity into private sector distributed renewable energy (DRE) companies positioning them to serve communities beyond the grid
  • Aims to facilitate new electricity connections for more than 10 million people by 2030 — rising to 30 million over its lifetime

CAPE TOWN, SOUTH AFRICA | June 17, 2026 — At the Africa Energy Forum in Cape Town, South Africa, Inspired Evolution announced the USD 176 million commercial launch of Zafiri, a blended permanent-capital vehicle focused on expanding access to electricity for tens of millions of people across sub-Saharan Africa.

Inspired Evolution, a leading African climate investment firm, was mandated by the investors to be the investment manager of Zafiri. Founding shareholders include IFC, a member of the World Bank Group; the African Development Bank Group (AfDB), including its Sustainable Energy Fund for Africa (SEFA); The Rockefeller Foundation; Trade and Development Bank Group (TDB Group); Nordic Development Fund (NDF); the John D. and Catherine T. MacArthur Foundation; and FirstRand Limited.

This launch underscores Zafiri’s role of investing in and supporting the private sector as part of Mission 300, a joint initiative co-led by the World Bank Group and the African Development Bank Group, with support from The Rockefeller Foundation, the Global Energy Alliance for People and Planet, and Sustainable Energy for All, to expand electricity access to 300 million people in sub-Saharan Africa by 2030. Zafiri will spur job creation, help connect more businesses to power, and put electricity to productive use that drives local economic activity.

Zafiri will deploy patient equity into distributed renewable energy (DRE) companies and projects across Sub-Saharan Africa, including mini-grids, solar home systems, productive-use energy solutions, and clean cooking enterprises. At least 50% of the platform’s capital is expected to support mini-grids, solar home systems, and clean cooking.

Zafiri addresses one of Africa’s toughest energy financing gaps by channeling long-term equity into DRE companies bringing reliable, affordable power to communities beyond the reach of traditional grids. Following its commercial launch at USD 176 million, Zafiri expects to reach a final close of USD 300 million within 12 months, with a longer-term ambition to scale up to USD 1 billion to accelerate energy access in Africa. Zafiri is a blended finance vehicle that aims to invest in high impact projects while maintaining financial sustainability.

Ethiopis Tafara, IFC Vice President for Africa, said: “Zafiri’s commercial launch delivers on what we promised at the Mission 300 launch — mobilizing equity at scale to close a critical development finance gap and accelerate investment into the fast-growing distributed renewable energy (DRE) sector. By blending capital and continuing to de-risk these investments, Zafiri will help connect people and businesses, create jobs, and deliver tangible human benefits. We call on more partners to join us to expand such initiatives.”

“DRE solutions, including mini-grids and stand-alone solar home systems, are projected to contribute at least 50% of new connections by 2030. Catalyzed by the Africa Development Bank’s SEFA catalytic junior equity, Zafiri is therefore most timely, and its USD 176 million commercial launch an important milestone, as it will avail long-term and much needed equity to scale distributed renewable energy companies, thereby accelerating the ambition of Mission 300,” said Dr. Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth at the African Development Bank.

“Zafiri represents an innovative multistakeholder partnership, forged under the World Bank’s Mission 300 Initiative, that leverages the positive attributes of multilateral agencies, DFIs, and philanthropic funders, together with private sector agility and competencies. Zafiri is core to our vision and mission which includes the provision of long-term, patient, blended finance mechanisms to accelerate energy access and inclusion for Africa’s underserved communities. We are proud to be the chosen private sector investment manager to implement Zafiri across the region. Underpinned by country compacts, Zafiri will enable clean and affordable DRE solutions in contribution to an African just energy transition,” said Wayne Keast, Managing Partner at Inspired Evolution.

“Zafiri is designed to address one of the most persistent barriers to energy access by scaling equity investment in distributed renewable energy companies that serve communities across sub-Saharan Africa,” said Ghita Benabderrazik, Managing Director of Innovative Finance at The Rockefeller Foundation. “By bringing catalytic capital to Zafiri, The Rockefeller Foundation aims to help de-risk an underfinanced market, mobilize long-term investment, and contribute to a more resilient financing ecosystem for distributed renewable energy: one that can power livelihoods, expand economic opportunity, and advance inclusive, sustainable development at scale.”

“TDB Group is really pleased to join forces with its MDB strategic partners and others as an equity investor in Zafiri, in support of several renewable energy sub-sectors on the continent. The Zafiri Permanent Capital Vehicle represents a very much needed boost to the risk capital of DRE and clean cooking companies that face binding equity capital constraints for their long-term growth, including their limited ability to better leverage long-term debt, which TDB has already been actively providing as part of the Mission 300 initiative. Our participation in this latest thrust is testament to our deep commitment to injecting patient capital toward inclusive, climate-aligned growth across our Member States,” said Admassu Tadesse, TDB Group President and Managing Director.

“NDF celebrates Zafiri’s launch together with the partners as an important milestone to scale up access to distributed renewable energy in Sub-Saharan Africa. Through catalytic financing, Zafiri’s success will help mobilize significant commercial financing into currently under-invested distributed renewable energy sub-sectors with the aim of transforming lives and livelihoods of climate-vulnerable communities,” said Satu Santala, NDF Managing Director.

“Expanding access to clean, reliable, affordable energy is a critical global economic development need. We’re excited to collaborate with leading impact investors on this innovative vehicle that will accelerate the flow of capital towards addressing this important challenge,” said Charles Coustan, Portfolio Manager at the MacArthur Foundation.

Mary Vilakazi, CEO of FirstRand Limited said the group was proud to be the only commercial bank and founding investor in this consortium. “This highly innovative initiative is in line with FirstRand’s long term strategy to partner with global development finance institutions and other capital providers to solve Africa’s energy needs.”

About Inspired Evolution

Inspired Evolution is a leading African climate investment firm focused on clean energy infrastructure, energy access and resource efficiency. Founded in 2007 and headquartered in Cape Town with offices in Nairobi, Abidjan, London and Mauritius, Inspired Evolution manages the Evolution funds and manages over USD 1.15 billion including co-investments for clean energy investments, with capital deployed across 21 African countries. For more information: www.inspiredevolution.co.za.

About IFC

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record USD 71.7 billion to private companies and financial institutions in developing countries. For more information, visit www.ifc.org.

About the African Development Bank

The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.afdb.org.

About The Rockefeller Foundation

Investing $30 billion over the last 113 years to promote the well-being of humanity, The Rockefeller Foundation is a pioneering philanthropy built on unlikely partnerships and innovative solutions that deliver measurable results for people in the United States and around the world. We leverage scientific breakthroughs, artificial intelligence, and new technologies to make big bets across energy, food, health, and finance. For more information, follow us on LinkedIn @the-rockefeller-foundation, X @RockefellerFdn, Instagram @rockefellerfdn, and YouTube @RockefellerFdn, and sign up for our newsletter at www.rockefellerfoundation.org/subscribe.

About the Trade and Development Bank Group

Established in 1985, the Trade and Development Bank Group (TDB Group) is an African regional multilateral development bank group of specialized entities, which work together with the mandate to finance and foster trade, regional economic integration, and sustainable development in Africa. TDB Group counts several subsidiaries and strategic business units including Trade and Development Banking, TDB Asset Management (TAM), the Trade and Development Fund (TDF), TDB Captive Insurance Company (TCI), the ESATAL trade asset management company and TDB Academy. Learn more: www.tdbgroup.org.

About Nordic Development Fund:

Nordic Development Fund (NDF) is the joint Nordic international finance institution of the five Nordic countries: Denmark, Finland, Iceland, Norway, and Sweden. NDF focuses on the nexus between climate change and development in lower-income countries and countries in fragile situations. Since the introduction of the climate mandate in 2009, NDF has built a track record of adding value by financing climate mitigation and adaptation projects in close interaction with its extensive network of strategic partners. Learn more: www.ndf.int.

About the John D. and Catherine T. MacArthur Foundation

The John D. and Catherine T. MacArthur Foundation supports creative people, effective institutions, and influential networks building a more just, verdant, and peaceful world. MacArthur strives toward transformative change on some of the world’s most pressing social issues, including the existential threats of climate change, criminal justice reform, revitalizing local news in the U.S., expanding who creates, uses, and benefits from artificial intelligence, strengthening the well-being of Native communities, and empowering young people in Nigeria. MacArthur’s Impact Investment program is working to build the field of impact investing and provide catalytic capital to address social and environmental challenges around the world.

About FirstRand Limited

FirstRand’s portfolio of integrated financial services businesses comprises FNB, WesBank, RMB, Aldermore and Ashburton. The group operates in South Africa, certain markets in sub-Saharan Africa and the UK, and offers a universal set of transactional, lending, investment and insurance products and services. Learn more: www.firstrand.co.za.

Ashley Chang

The Rockefeller Foundation

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