Inspired Evolution invests in solar provider Equator Energy

Investment advisory firm Inspired Evolution has joined the shareholder base of East Africa-focused commercial and industrial (C&I) solar provider Equator Energy Limited.

The investor, through its Evolution III Fund, has taken a significant minority stake in the company holding a majority interest in Equator, according to a press release.

Established in 2016, Equator Energy has set itself the goal of developing, building and operating 300 MW of solar projects over the next five years. Its activities are concentrated mainly in Kenya and Uganda, with smaller operations in Zimbabwe, Somalia, Gambia and South Sudan.

The transaction was agreed with STOA and IBL Energy. Its financial details were not disclosed.

In March 2023, STOA and IBL Energy led a consortium that agreed to acquire a majority stake in Equator from investment firm Maris Limited, and solar company Nvision Ltd. At the time, the business had a portfolio of 35 MW of solar plants in operation and over 50 MW signed.

STOA is the energy and infrastructure impact fund created by France-based Caisse des Depots et Consignations (CDC) and Agence Francaise de Developpement (AFD), while IBL Energy is a wholly-owned subsidiary of the Mauritian business group IBL Group.

Choose your newsletter by Renewables Now. Join for free!