AfDB approves $20m for investment in Africa’s renewable energy

African Development Bank Group (AfDB) has approved an equity investment of $20m in Evolution Fund III, a pan-African clean and sustainable energy private equity fund that is mobilising about $400m into renewable energy and resource-efficiency assets across sub-Saharan Africa over a 10-year period.

The Vice President, African Development Bank’s Power, Energy, Climate Change and Green Growth Complex, Kevin Kariuki, said, “The Bank is committed to boosting its portfolio of renewable energy projects and encouraging private investment in renewable and efficient energy solutions.

He added, “The Evolution Fund III is well placed to invest much-needed capital in long-term, low-carbon and climate-resilient development pathways towards achieving a just, net-zero future for African countries.”

The bank’s investment in Evolution Fund III aligns with its ‘High Five objectives,’ particularly, ‘Light Up and Power Africa’ under its New Deal on Energy for Africa.