Mission 300 global partners back $176M Zafiri fund to expand Africa energy access

Global funding partners have launched Zafiri–a blended commercial and philanthropic investment fund with commitments totaling $176 million–to invest in projects that scale renewable energy access across sub-Saharan Africa. The fund is backed by International Finance Corporation, the African Development Bank Group, the Trade and Development Bank Group, the Nordic Development Fund, and FirstRand Limited, alongside an award from the Rockefeller Foundation as well as $5 million from the MacArthur Foundation. The Zafiri fund will back renewable energy companies developing cost-effective and scalable mini-grids, solar home systems, and clean cooking solutions. The fund, managed by Inspired Evolution, an energy investment advisory, is expected to grow to $1 billion and enable connections for more than 10 million people by 2030 as part of Mission 300, a World Bank Group and AfDB’s effort to provide electricity to 300 million people across Africa.