The African Development Bank (AfDB) has approved a R100-million equity investment in the Evolution One Fund, the first Southern Africa-focused private equity fund specialising in the areas of clean-energy and sustainable technologies.

The fund has already raised $54-million in cornerstone capital commitments from four international investors and the AfDB investment will augment that capital pool.

Eight specific sectors will be targeted including: clean energy and energy efficiency, which will comprise up to half of the fund’s investments; efficient and clean manufacturing processes and technologies; air quality and emissions control; water quality and management; waste management; agribusiness and forestry; natural products; organics and natural health; and environmental real estate.

South Africa will account for 60% to 75% of the fund’s overall investments, while the balance will be earmarked for investment in the rest of the Southern African Development Community.

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