Investment vehicle Zafiri has raised $176 million to accelerate the deployment of decentralized electricity solutions across sub-Saharan Africa, providing fresh capital to developers expanding energy access in underserved communities.
The funding announcement was made during the Africa Energy Forum in Cape Town, South Africa. Zafiri is managed by Inspired Evolution and backed by a consortium of development finance institutions and philanthropic organizations, including the International Finance Corporation (IFC), African Development Bank (AfDB) and the Rockefeller Foundation.
According to the fund’s sponsors, more than half of the capital raised will be invested in mini-grids, solar home systems and clean cooking technologies. The initiative aims to facilitate new electricity connections for more than 10 million people by 2030.
The fund is also targeting a final close of $300 million within the next 12 months, positioning it as a significant source of long-term capital for Africa’s decentralized energy sector.
The launch comes amid growing concern over the shortage of equity financing for off-grid energy companies. The International Energy Agency has identified limited access to long-term investment capital as a major barrier to expanding electricity access in rural communities across Africa.