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Signature(s)

Amount
€ 47,085,412.94
Sector(s)
Energy : € 47,085,412.94
Signature date(s)
16/12/2022 : € 10,358,790.85
16/12/2022 : € 14,125,623.88
16/12/2022 : € 22,600,998.21
Link to source
Data sheet

Summary sheet

Release date
12 September 2022
Status
Reference
Signed | 16/12/2022
20220394
Project name
Promoter - financial intermediary
EVOLUTION III
INSPIRED EVOLUTION INVESTMENT MANAGEMENT (PTY) LTD
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
USD 50 million (EUR 48 million)
USD 400 million (EUR 388 million)
Location
Sector(s)
  • Energy - Electricity, gas, steam and air conditioning supply
Description
Objectives

Fund targeting renewable energy, energy efficiency, energy access and other resource efficiency projects and related corporate investments in Africa.

The fund will provide equity to predominantly greenfield infrastructure investments in the sectors of clean energy generation, energy access, as well as resource efficiency in Africa.

Additionality and Impact

EIB's investment supports an independent fund manager in raising its next generation fund focused on renewable energy, energy efficiency and other resource efficiency investments in Africa, which will address a significant market gap in these areas which stems from the market failure of asymmetric information. The Fund manager has significant experience in investing in the African renewable sector.


Through an investment in the Fund, the EIB will (i) address the market gap related to the scarcity of capital for access and generation of clean energy projects in Africa, (ii) support an experienced and impact focused Advisor to further build out its investment program of commercially viable projects, (iii) provide a strong signalling effect to the market, helping to attract new and support existing investors to (re-) invest in the Fund and (iv) help the Fund to reach its first closing with an adequate fund size and start to deploy capital on the ground.


The operation is strongly aligned with EU policy goals, meets the Bank's priority objectives in climate action and environment, and support three focus areas of the European Commission's assistance programme (Private Sector Development, Environment and Climate Change and Energy). It will also contribute to the European Commission's Global Gateway strategy and the European Green Deal. 

Environmental aspects
Procurement

Details of the fund's environmental and social due diligence procedures for ensuring compliance with national legislation, the principles and standards of relevant EU legislation and EIB's Environmental and Social Standards, as well as the capacity of the Advisor to assess, monitor and mitigate environmental and social risks and impacts, will be reviewed during appraisal. The fund will be required to develop an environmental and social policy, and establish the appropriate management systems so as to comply with the environmental and social requirements of the Bank. The assessment of the environmental and social impacts and risks will be part of the standard due diligence process that the fund will have to carry out for each underlying investment, thereby ensuring that the portfolio and these investments are in compliance with national law and in line with the principles and standards of relevant EU environmental legislation, as well as the EIB Environmental and Social Standards.

The Bank will require the Fund Manager to take all requisite measures to ensure that contracts for implementation of the projects financed by the fund have been and will be tendered in line with the principles of EU Directives on public procurement and/or concessions and the Bank's Guide to Procurement.

Link to source
Summary sheet
Other links

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - EVOLUTION III
Publication Date
26 Nov 2022
Document language
Main Topic
Lending
Document Number
160063949
Document Focus
Environmental Information
Project Number
20220394
Sector(s)
Publicly available
Download now
Other links
Summary sheet
Data sheet

General enquiries and comments

The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

Media enquiries

Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

Complaints mechanism

Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

Zero tolerance against fraud and corruption

The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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