Finnfund has helped Inspired Evolution Managers raise half of a $400m (€374m) expected to be raised for a pan-African clean energy infrastructure equity fund.

The Finnish development financier and impact investor said it has made a $20m commitment to Evolution III Fund which has received $199.4m in commitments in a first close from seven international investors, including several development finance institutions.

Evolution III Fund, which is expected to be open for commitments for the next 12–18 months, will target around 10 to 15 investments over an investment period of five years.

Riikka Molander, an associate director and head of funds at Finnfund said the investment in Evolution III Fund marks Finnfund’s commitment to enhancing the production and availability of clean energy across the African continent as well as fight against climate change.

Molander said: “This investment builds on several of Finnfund’s strategic goals, such as making €1bn worth of new investment in climate finance by 2030 as well as maintaining our investment portfolio carbon net negative.”

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