Zafiri has officially launched with $176 million in commercial capital to accelerate energy access across sub-Saharan Africa by investing in private sector distributed renewable energy (DRE) companies.
The blended permanent-capital vehicle was announced at the Africa Energy Forum in Cape Town, South Africa, with the goal of supporting renewable energy businesses that provide electricity solutions beyond traditional power grids.
Managed by Inspired Evolution, Zafiri will provide long-term equity financing to companies working in mini-grids, solar home systems, productive-use energy solutions, and clean cooking technologies.
The platform aims to help create electricity connections for more than 10 million people by 2030, with a long-term ambition to reach up to 30 million people across the continent. At least half of Zafiri’s investments are expected to support mini-grids, solar home systems, and clean cooking initiatives.
Zafiri is designed to address a major challenge in Africa’s energy sector: the shortage of patient equity capital needed to scale renewable energy companies. By supporting private sector energy providers, the fund aims to improve electricity access, create jobs, expand business opportunities, and encourage sustainable economic growth.
The initiative supports the broader Mission 300 goal, a collaboration led by the World Bank Group and the African Development Bank Group to expand electricity access to 300 million people in sub-Saharan Africa by 2030.
The fund brings together major development institutions, philanthropic organizations, and private investors, including IFC, the African Development Bank Group, the Sustainable Energy Fund for Africa, The Rockefeller Foundation, Trade and Development Bank Group, Nordic Development Fund, the MacArthur Foundation, and FirstRand Limited.
Following its initial launch, Zafiri plans to reach a final close of $300 million within the next year, with a future target of scaling the platform to $1 billion.
The investment platform marks a significant step toward expanding clean, reliable, and affordable energy access while supporting Africa’s renewable energy transition and long-term development.
