Zafiri, a new blended finance platform managed by Inspired Evolution, has officially launched with US$176 million in committed capital to accelerate electricity access across Sub-Saharan Africa. The initiative will invest in distributed renewable energy solutions such as mini-grids, solar home systems, productive-use energy technologies, and clean cooking enterprises. The platform supports the broader Mission 300 Africa initiative, which aims to connect 300 million people to electricity by 2030.
Key Overview
- Zafiri launches with US$176 million in committed capital
- The platform aims to expand electricity access across Sub-Saharan Africa
- Investments will target mini-grids, solar home systems, and clean cooking
- At least 50% of capital will support distributed renewable energy solutions
- The African Development Bank committed US$40 million
- Zafiri supports the Mission 300 goal of connecting 300 million Africans by 2030
- The fund aims to facilitate over 10 million new electricity connections by 2030
- Long-term ambitions include scaling the platform to US$1 billion
Zafiri Launches $176M Fund to Expand Energy Access in Africa
A major new renewable energy financing platform has launched with USD 176 million in committed capital to accelerate electricity access across Sub-Saharan Africa and help address one of the region’s most persistent development challenges.
Announced at the Africa Energy Forum in Cape Town, South Africa, Zafiri is a blended permanent-capital vehicle designed to invest in distributed renewable energy companies and projects that provide affordable and reliable electricity to underserved communities.
The platform will be managed by African climate investment firm Inspired Evolution and brings together a coalition of development finance institutions, philanthropic organizations, and private sector investors committed to expanding access to clean energy.
Supporting Mission 300
Zafiri is a key private-sector financing vehicle supporting Mission 300, the joint initiative led by the World Bank Group and the African Development Bank Group that seeks to connect 300 million people in sub-Saharan Africa to electricity by 2030.
The initiative comes at a critical time, with hundreds of millions of Africans still lacking reliable access to power despite growing demand for energy services, digital connectivity, healthcare, education, and industrial development.
By providing long-term equity capital to renewable energy companies, Zafiri aims to accelerate energy access while supporting economic growth, job creation, and improved living standards.
The platform is expected to facilitate more than 10 million new electricity connections by 2030 and potentially reach at least 30 million people over its lifetime.
Investing in Distributed Renewable Energy
Zafiri will focus on distributed renewable energy (DRE) solutions that can deliver electricity to communities beyond the reach of traditional power grids.
Investment areas include:
- Mini-grid systems
- Solar home systems
- Productive-use energy technologies
- Clean cooking enterprises
- Decentralized renewable energy infrastructure
At least 50% of the platform’s capital is expected to be allocated to mini-grids, solar home systems, and clean cooking initiatives.
These technologies are increasingly viewed as essential for accelerating electrification in remote and underserved areas where grid expansion remains expensive or impractical.
According to energy experts, distributed renewable energy solutions could account for at least half of all new electricity connections required across Africa by 2030.
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Addressing a Critical Financing Gap
One of the biggest challenges facing Africa’s renewable energy sector is the shortage of long-term equity financing for early-stage and growth-stage energy companies.
Many distributed energy businesses struggle to attract sufficient patient capital despite demonstrating strong demand and significant development impact.
Zafiri aims to bridge this gap by deploying blended finance structures that combine concessional funding with commercial investment capital.
A key component of the model is the use of catalytic junior equity provided by the African Development Bank’s Sustainable Energy Fund for Africa (SEFA), which helps reduce investment risks and encourage greater private sector participation.
The African Development Bank has committed USD 40 million to the initiative, including USD 10 million in junior equity from SEFA.
Strong Institutional Backing
The platform has attracted support from several leading global development and investment institutions.
Founding shareholders include:
- International Finance Corporation (IFC)
- African Development Bank Group (AfDB)
- The Rockefeller Foundation
- Trade and Development Bank Group (TDB Group)
- Nordic Development Fund (NDF)
- MacArthur Foundation
- FirstRand Limited
Together, these organizations aim to mobilize larger volumes of private capital into Africa’s renewable energy sector while strengthening the long-term sustainability of distributed energy businesses.
Following its commercial launch, Zafiri plans to reach a final close of $300 million within 12 months, with a longer-term ambition of scaling the platform to $1 billion.
Driving Economic Development
Beyond expanding access to electricity, Zafiri is expected to support broader economic development objectives.
Reliable electricity enables businesses to operate more efficiently, supports agricultural productivity, improves healthcare and education services, and creates opportunities for entrepreneurship and employment.
Distributed renewable energy solutions can also help reduce dependence on costly and polluting diesel generators while supporting national climate and energy transition goals.
By strengthening renewable energy businesses and improving energy access, the platform aims to create long-term economic benefits for millions of people across the region.
Outlook
The launch of Zafiri marks a significant milestone in Africa’s effort to close the energy access gap through innovative financing solutions. By combining public, private, and philanthropic capital, the platform addresses one of the most important barriers to renewable energy expansion—access to long-term equity financing.
As the platform grows toward its US$300 million target and eventual US$1 billion ambition, Zafiri could become one of the continent’s most influential clean energy investment vehicles. Its focus on mini-grids, solar home systems, productive-use energy technologies, and clean cooking solutions positions it to play a central role in expanding electricity access, supporting Mission 300, and accelerating Africa’s transition toward a more inclusive and sustainable energy future.
FAQs
1. What is Zafiri?
Zafiri is a blended finance investment platform launched with US$176 million to support distributed renewable energy projects and expand electricity access across Sub-Saharan Africa.
2. What types of energy projects will Zafiri invest in?
The platform will invest in mini-grids, solar home systems, productive-use energy solutions, clean cooking enterprises, and other distributed renewable energy technologies.
3. How does Zafiri support Mission 300?
Zafiri provides long-term capital to renewable energy companies that help deliver electricity access, supporting Mission 300’s goal of connecting 300 million Africans to power by 2030.
4. How much capital does Zafiri aim to raise?
After launching with US$176 million, Zafiri plans to reach US$300 million within 12 months and has a long-term ambition to scale the platform to US$1 billion.
Sources: The Rockefeller Foundation, Nordic Development Fund, fundsforNGOs, African Development Bank Group, The Eastern And Southern African Trade and Development Bank (TDB)
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