Release
The Global Energy Efficiency and Renewable Energy Fund (GEEREF) announced in December its €10 million commitment to the Evolution One Fund, which is dedicated to clean energy investment in Southern Africa. GEEREF is supported by the European Union (EU), Germany and Norway and advised by the European Investment Bank Group (the European Investment Bank and the European Investment Fund) to provide clean energy to emerging countries and economies in transition.
GEEREF is joined by other experienced emerging market investors, namely, CBG/Castleway Properties, International Finance Corporation (IFC), African Development Bank (AfDB), the Industrial Development Corporation of South Africa (IDC), Norfund, the Swiss Investment fund for Emerging Markets (Sifem) and the Finnish Fund for Industrial Cooperation (Finnfund).
Evolution One is a private equity fund managed by Inspired Evolution Investment Management, a South Africa-based company. Its investment philosophy is based on encouraging accelerated development and use of environmental friendly products, services and processes to reduce costs and mitigate environmental and climate change impacts, thereby promoting mutually reinforcing benefits for society.
The fund will primarily target renewable energy generation, energy efficiency and other sustainable sectors such as water purification, waste management and recycling. The focus will be on micro-enterprises, small, medium and broad-based economic empowerment. Evolution One Fund is one of the few funds focusing on clean technologies in Africa where environmental and social issues make them vitally important drivers of economic development.
Christopher Clarke, Executive Director at Inspired Evolution Investment Management, said, "We are delighted by the commitment of GEEREF in the Evolution One Fund. The EIB Group’s experience in development and environment related finance is of great value to us. We look forward to working with GEEREF in the coming years."
Cyrille Arnould, Head of GEEREF Front Office added, "We are particularly pleased that GEEREF’s second investment reaches the African continent. It will support South Africa’s efforts to move away from fossil energy and set a precedent for others to follow."
This is the second commitment GEEREF announced this month. On December 11, GEEREF made public its €12.5 million commitment to Berkeley Energy’s Renewable Energy Asia Fund (REAF), which primarily focuses on India. GEEREF is to host its COP15 side event in Copenhagen on December 17th, during which managers of both funds will present their investment plans.
Background information
Inspired Evolution Investment Management is a specialized, boutique investment management company and authorised financial services provider established by Consensus Business Group, Pan-African Capital Holdings, Alluvia Group and Capital Evolution, as its four founding partners. Inspired Evolution Investment Management has first mover advantage to lead cleantech investing in emerging markets in southern Africa. The investment team of nine, including six principals, a chief investment officer and two analysts, is based in South Africa and the UK and has over 60 years collective track record in sustainability, private equity and venture capital investing. This experience includes numerous cleantech market segments such as solar, wind, fuel cells, biogas, biofuels, energy efficiency, waste and water investments.
GEEREF is an innovative fund of funds, providing global risk capital through private investment for energy efficiency and renewable energy projects in developing countries and economies in transition. GEEREF aims to accelerate the transfer, development, use and enforcement of environmentally sound technologies for the world’s poorer regions, helping to bring secure, clean and affordable energy to local people. GEEREF is a sustainable development tool that supports global efforts to combat climate change.
Contacts:
For more information about GEEREF and its commitment to the Evolution One Fund, please contact Dr. Gunter Fischer, Principal, Tel: +352 4379 85211 and Dr. Tao Ren, Investment Officer, Tel: +352 4379 85207, Email: geeref@eif.org.
The press contact at EIB is Mr. Richard Willis, Tel.: +352 621555758, Email: willis@eib.org
and at EIF is Ms. Joëlle Harvey, Tel: +352 4379 184 340, Email: j.harvey@eif.org.