Inspired Evolution has signed a deal to invest up to $36 million in Alten RE Developments Africa, the sub-Saharan Africa-focused subsidiary of Alten Energías Renovables.
The investment by Inspired Evolution’s Evolution II Fund will scale Alten Africa’s existing solar PV development platform across sub-Saharan Africa.
Alten Africa offers Evolution II Fund investment opportunities in 225 MWp of construction-ready and advanced projects in three of its priority countries with an additional 400 MWp pipeline of opportunities underway in select targeted countries within the region.
Inspired Evolution brings Alten Africa a specialised strategic investment partner with an experienced team, deep regional market insights and a track record of 913 MW of clean energy infrastructure investments.
The Inspired Evolution team has proven itself through the full investment cycle, with hands-on value addition through greenfield project development, permitting, procurement, financing, construction, operations and exit, having concluded a successful sale of its consolidated renewable operating portfolio in December 2016.
Alten Energías Renovables is an experienced international solar PV developer and IPP targeting ambitious capacity expansion in sub-Saharan Africa. It has a strong track record in southern Europe and more recently in Africa and Latin America, where it has won projects in fiercely contested public-private auction environments. This makes Alten a compelling and competitive player in the region.
The partnership initially aims to bring up to 500 MW of construction-ready, advanced and pre-permitted solar PV projects into operation.
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 1 GW 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.
“We couldn’t have had a better start in demonstrating Evolution II’s implementation of the Inspired Evolution investment strategy to replicate partnerships with pedigreed development partners that have demonstrated success in the regional market.”