$176m Zafiri platform launched to expand clean energy in Africa
A new $176 million investment platform aimed at expanding electricity access across sub-Saharan Africa has been launched, backed by a group of development institutions and foundations.
The platform, called Zafiri, was announced at the Africa Energy Forum in Cape Town and will be managed by investment firm Inspired Evolution. It is designed to channel long-term equity into distributed renewable energy companies and projects, including mini-grids, solar home systems, productive-use energy solutions and clean cooking enterprises.
At least half of the platform's capital is expected to support mini-grids, solar home systems and clean cooking. After launching at $176 million, Zafiri aims to reach a final close of $300 million within a year, with a longer-term ambition to scale up to $1 billion.
Organisers said the platform aims to help create electricity connections for more than 10 million people by 2030, with a longer-term goal of reaching up to 30 million. It supports Mission 300, a World Bank and African Development Bank initiative to bring power to 300 million people in sub-Saharan Africa by the end of the decade.
Founding shareholders include the International Finance Corporation, the African Development Bank Group, The Rockefeller Foundation, the Trade and Development Bank Group, the Nordic Development Fund, the MacArthur Foundation and FirstRand. Around 600 million people in sub-Saharan Africa still lack reliable access to electricity.
