Clean energy and resource competence specialized fund manager Inspired Evolution is exiting a number of its renewable energy investments, held under its Evolution One Fund portfolio, as the renewable energy industry reaches maturity.
The $90-million Evolution One Fund, which centers on the clean energy and environment sectors, has now vended its stake in three assets to an entity controlled by TriAlpha Investment Management’s clients.
A different indirect stake in a fourth asset, the 138.6 MW Cookhouse wind farm, was sold to Old Mutual Life Assurance, a present shareholder in the project.
The triumphant exit of these assets and other previous exits have permitted Inspired Evolution to return Evolution One’s entire capital back to its financiers – all in just more than six years from its last close.
To date, Inspired Evolution has been involved in 913 MW of renewable energy generation projects and would now chase a pipeline of new clean energy projects across sub-Saharan Africa at different stages of development.
“We are looking to adapt and replicate our victorious active investment management approach, intensification our place as a principal equity partner in the region with established qualifications,” said Inspired Evolution joint managing partner Christopher Clarke.
Furthermore, this departure milestone comes at the same time with the first closing of Inspired Evolution’s successor fund, Evolution II.
Evolution II reached its first closing within one year after officially going to market, having raised $90-million from international investors, with one remaining investor dedication conditional on a final authorization in early March.
Joint managing partner Wayne Keast said the fund’s investors consist of a blend of strategic international development finance establishments, specialized fund-of-funds and a family office.
Evolution II, a ten-year closed-ended fund, is aiming for $250-million for a final closing by the end year. It targets sub-Saharan African nations with development prospects, simplicity of doing business, guidelines and authoritarian certainty, and political stability and bankability offer convincing investment chances.
The fund will add to tackling the mounting need to substitute aging and incompetent carbon-intensive power plants, as well as add to building cheaper, low-carbon, clean and sustainable energy production aptitude to tackle the projected 130 GW of suppressed demand across sub-Saharan Africa’s high-growth nations.