Evolution II Fund

Namibia, Kenya, South Africa, Burundi, Nigeria Infrastructure

Evolution II Fund will increase access to renewable energy across sub-Saharan Africa, helping to tackle climate change.

Expected impact

The fund is expected to contribute towards improved energy access and reduced carbon emissions across sub-Saharan Africa.

Environmental and social aspects

We work closely with the fund manager to help develop and implement an environmental and social management system (ESMS) that has the capacity to manage the higher level of environmental and social risk associated with this sector. This includes regular site visits to investee companies.

Key facts

Status:
Active
Region

Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

:
Africa
Sector

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.

:
Infrastructure
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

:
Intermediated investment
Fund manager:
Inspired Evolution Investment Management
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

:
May 2017
Amount

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.

:
$20m
Domicile

This is the investee company’s place of incorporation; or a fund’s jurisdiction.

:
Mauritius

Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
Alten Africa Africa Infrastructure March 2018 Active
Alten Hardap Namibia Africa, Southern Africa Infrastructure March 2018 Active
d.light

d.light is a global leader in delivering affordable solar-powered solutions. It provides distributed solar energy solutions for households and small businesses.

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Kenya Africa, East Africa Infrastructure December 2018 Active
Commercial Energy SA

Commercial Energy SA offers a financing platform for commercial and industrial customers looking to use solar power, working with a network of solar power providers.

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South Africa Africa, Southern Africa Infrastructure January 2019 Active
Gigawatt Global Burundi SA

The Gigawatt Global project is a 7.5 MW solar PV plant in Mubuga, Burundi. The expected interconnection will increase the installed electricity capacity in Burundi by 14 per cent.

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Burundi Africa, East Africa Infrastructure June 2019 Active
Rensource Holdings Inc

Rensource develops, finances, and manages critical energy infrastructure for African enterprises.

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Nigeria Africa, West Africa Infrastructure December 2019 Active
Virtus Energy Solutions Limited

Virtus Energy Solutions Limited is a renewable energy infrastructure company sponsored by Rensource Distributed Energy Limited and Solad Holdings Limited. The company operates in Nigeria and uses high capacity stand-alone solar technology to power public and private-sector businesses across the country.

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Nigeria Africa, West Africa Infrastructure December 2019 Active
Alten Kesses

Alten Solar Power Station, also known as Kesses 1 Solar Power Station, is a 55 megawatt solar power plant under construction in Kenya.

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Kenya Africa, East Africa Infrastructure December 2019 Active
Red Rocket (Building Energy Africa)

Red Rocket is an integrated renewable energy independent power producer that develops, designs, constructs, operates, and owns utility-scale grid-connected renewable energy projects.

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Africa Infrastructure March 2020 Active
Escotel Mauritius

Escotel Mauritius invests in solar power generation in African countries. It will initially supply, install, operate and maintain decentralised solar and storage hybrid power systems for a portfolio of around 900 telecom sites in Sierra Leone, Liberia and, over time, the DRC.

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Africa Infrastructure November 2020 Active