In November 2024, OeEB, on behalf of the Austrian Ministry of Finance, invested USD 5.8 million in Evolution III ("EV III"), a climate fund in Africa with the aim of avoiding and reducing C02 emissions.
| Project name | Evolution III |
| Region | Sub-Saharan Africa |
| Sector | Energy / Resource efficiency / Infrastructure |
| Service | Equity Participations |
| OeEB project volume | USD 5.8 million |
| Fund domicile | Mauritius |
| International climate finance according to UNFCCC | Yes |
| Additionality | Financial additionality |
| Project partner | Evolution III LP ("EVIII") |
Evolution III is a Mauritius-based sustainable climate fund focusing on renewable energy infrastructure, energy efficiency and other climate-relevant sectors in Sub-Saharan Africa and selected North African countries (Algeria, Egypt, Morocco, Tunisia).
The fund is managed by Inspired Evolution, a fund manager with many years of experience in Africa in the climate sector. The first fund focusing on climate finance in the region was launched back in 2008, making Inspired Evolution one of the pioneers in this area.
The main focus of Evolution III is on investments in three sectors. EV III plans to invest around 60% in clean energy infrastructure projects, such as investments in grid-connected renewable energy solutions (solar PV, wind and run-of-river hydropower) and off-grid solutions, such as commercial and industrial ("C&I") solar solutions, as well as microgrids in structurally weak regions. The fund plans to invest around 30% in companies that are active in the field of energy efficiency and resource efficiency. For the remaining 10%, the fund plans to invest in climate tech companies, such as e-mobility or smart grids.