Inspired Evolution has signed off on a deal to invest up to US$36 million in Alten RE Developments Africa, the Sub-Saharan African subsidiary of Alten Energías Renovables.
The investment, provided by Inspired Evolution’s Evolution II Fund, will boost Alten Africa’s existing solar PV development platform across sub-Saharan Africa. Alten RE provides Evolution II Fund investment opportunities in 225MW construction-ready and advanced projects in three of its priority countries, along with an additional 400MW pipeline of projects underway in select targeted countries within the region.
This partnership will kick off by looking to bring up to 500MW of construction-ready, advanced and pre-permitted solar PV projects into operation within the region.
Three of those projects are already in advanced stages, with the 45.45MW Hardap Project in Namibia set to reach financial close in February 2018, the 51.5MW Kesses 1 Project in Kenya set to reach financial close by May 2018, and the 125MW Middle Band Solar One Project in Nigeria recently signing a power purchase agreement.
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 1GW of collective clean energy track record.
“Additional features of the partnership include demonstrated procurement competitiveness, development capital efficiency, geographic diversification and best-practice environmental, social and governance approaches to enhance development impact.”