Cape Town-based investment management business, Inspired Evolution, has struck a deal to pour up to $36 million into solar developer Alten RE Developments Africa BV (Alten Africa) and its 225MW power portfolio of solar projects in sub-Saharan Africa.
The $36million investment will be made through Inspired Evolution’s Evolution II Fund.
Initially the partnership will aim focus on 500MW of advanced and pre-permitted solar projects.
Among those will be the 45.5MWp Hardap solar project in Namibia, expected to achieve financial closure this month, the 51.5MWp Kesses 1 scheme in Kenya and the 125MWp Middle Band Solar One project in Nigeria.
Speaking about the newly-formed collaboration, Christopher Clarke, managing partner at Inspired Evolution said: “Together we offer the aggregation of regional and international market knowledge, multi-disciplinary skills and credentials with over 1 GW of collective clean energy track record.”
Inspired Evolution has invested in 913MW of clean energy infrastructure projects. The company focuses on clean energy infrastructure development, project finance investments, as well as energy and resource efficiency growth investments.
In addition to the construction-ready and advanced projects it works on, Alten Africa also has a 400MW pipeline of project opportunities underway in select countries in the sub-Saharan Africa region.
The company is a subsidiary of Spain-based independent power producer Alten Energias Renovables, which operates in Europe, Africa and Latin America.