The Africa Development Bank (AfDB) has earmarked a R100-million equity investment into the Evolution One Fund, the first southern African private equity fund to focus on clean energy and sustainable technologies.

The fund, which is managed by Inspired Evolution Investment Management, was launched in October 2008 and has already raised around $54-million.

The AfDB’s investment means it will join forces with four other investors in the fund including the International Finance Corporation, Castleway Properties, owned by the Tchenguiz brothers, the Swiss Investment Fund for Emerging Markets, and the Finnish fund for industrial cooperation .

At the launch, the Evolution One fund said it was planning to make between ten to 15 investments over a period of three to five years in the SADC region, with a specific focus on cleaner energy and the environment.

South Africa is expected to account for the majority of investments, with 60% to 75% of the fund’s equity earmarked for the country.