Mauritius’ Zafiri launches $176 million vehicle to expand energy access across sub-Saharan Africa

Mauritius-based Zafiri has launched a $176 million commercial investment platform aimed at accelerating electricity access across sub-Saharan Africa by channeling long-term equity into private-sector distributed renewable energy companies.

The announcement was made at the Africa Energy Forum in Cape Town, South Africa, where investment manager Inspired Evolution confirmed the formal rollout of the blended permanent-capital vehicle, designed to support energy projects serving communities beyond the reach of national grids.

Focus on distributed renewable energy

Zafiri will invest patient equity into distributed renewable energy (DRE) businesses, including mini-grids, standalone solar home systems, productive-use energy solutions, and clean cooking enterprises.

At least 50% of its capital is expected to be allocated to mini-grids, solar home systems, and clean cooking initiatives, reflecting its focus on last-mile energy access.

The platform aims to address one of Africa’s largest infrastructure financing gaps by supporting companies delivering affordable and reliable power to underserved communities, while also stimulating job creation and local economic activity.

Ambition to reach tens of millions

The vehicle has set an initial target of enabling new electricity connections for more than 10 million people by 2030, with a longer-term ambition to reach around 30 million people over its lifetime.

Following its commercial launch, Zafiri is targeting a final close of $300 million within 12 months and ultimately aims to scale up to $1 billion in capital to expand its impact across the continent.

Backed by major development and philanthropic institutions

Inspired Evolution, an African climate investment firm, will serve as the investment manager of Zafiri. The platform brings together a consortium of development finance institutions and philanthropic investors, including the International Finance Corporation, the African Development Bank Group through its Sustainable Energy Fund for Africa, The Rockefeller Foundation, Trade and Development Bank Group, Nordic Development Fund, the John D. and Catherine T. MacArthur Foundation, and FirstRand Limited.

The initiative is closely aligned with Mission 300, a joint program led by the World Bank Group and the African Development Bank Group, which aims to connect 300 million people in sub-Saharan Africa to electricity by 2030, with support from several global partners.

Institutional backing and strategic intent

Ethiopis Tafara, IFC Vice President for Africa, said the launch demonstrates progress in mobilizing equity at scale to close a critical development financing gap and accelerate investment in distributed renewable energy. He noted that blended capital structures would help de-risk investments and improve access to electricity while generating jobs and economic benefits.

Zafiri’s launch underscores growing momentum behind blended finance structures aimed at solving Africa’s electricity access gap. If successfully scaled to its $1 billion ambition, the platform could become one of the region’s key financing vehicles for distributed renewable energy expansion, supporting both climate goals and inclusive economic growth across sub-Saharan Africa.