South African clean energy investor Inspired Evolution has raised an initial $90m out of the $250m it seeks for its second fund and has exited four renewables projects.
The Evolution II 10-year fund achieved its first closing in late December and aims to reach $250m by the end of 2017, it said.
Investors to date comprise Quantum Power, the Global Energy Efficiency and Renewable Energy Fund, FMO and the Swiss Investment Fund for Emerging Markets.
Inspired Evolution, which raised $90m for its initial fund in 2010, is pursuing new renewable energy projects across sub-Saharan Africa at various stages of development.
It has sold four of its interests, including the 5MW Slimsun Swatland and 75MW Solar Capital De Aar solar parks as well as the 80MW Kouga and 138.6MW Cookhouse wind farms.
Overall, the Cape Town investor has been involved in 913MW of clean energy projects.
“The first closing milestone had been reached within 12 months after formally going to market,” co-managing partner Wayne Keast said.
“This is a promising start and well synchronised with the successful exits under our first fund.”
Image: SXC
S Africa fund targets $250m
Inspired Evolution also sells stakes in four renewables projects sold
By EBS