STOA and IBL Energy welcome Inspired Evolution in the majority holding consortium of Equator Energy – East Africa’s C&I solar market leader


African Power Platform - African private equity firm, Inspired Evolution, achieves successful first close of its third Evolution III energy transition net-zero climate impact fund

STOA and IBL Energy have offered a significant minority stake to Inspired Evolution’s Evolution III Fund in the company holding a majority stake in Equator Energy Limited, a leading commercial and industrial (C&I) solar provider in East Africa. STOA and IBL Energy had closed the initial transaction in June 2023.

STOA is the energy and infrastructure impact fund created by Caisse des Dépôts et Consignations (CDC) and Agence Française de Développement (AFD).

Evolution III Fund is managed by Inspired Evolution, an Africa-focused climate impact investment manager specialising in clean energy infrastructure, energy access and resource efficiency investments.

IBL Energy is a wholly-owned subsidiary of the Mauritian-listed IBL Group based in Port Louis and listed on the Mauritius Stock Exchange.

This partnership brings together seasoned professional teams across Africa with deep clean energy sector experience and proven renewable energy project development experience. The hands-on, active value creation from IBL Energy, STOA, and Inspired Evolution as co-investors is set to accelerate Equator Energy’s C&I strategy in delivering affordable, best-in-class solar energy solutions for corporate and industrial customers across East Africa and other select African jurisdictions.

Equator Energy is the leading vertically integrated C&I developer in East Africa. The company has a growing development pipeline and has set itself an ambitious target to develop, construct, and operate 300 MW of solar projects over the next 5 years. Affordable clean energy solutions for C&I customers are one of the fast-growing renewable energy sectors, and Equator Energy offers a compelling investment thesis for the consortium investors.

Marie-Laure Mazaud, CEO of STOA, said: “We are happy to welcome Evolution III in the consortium. Alongside IBL Energy, our initial partner, we trust that our three professional teams have more than the skillset and the financial strength required to help Equator Energy achieve its goal of becoming the leading player in the solar C&I space in Africa.”

Pierre Egot, Managing Director of IBL Energy, said: “Evolution III brings a deep knowledge of the C&I sector in Africa and a very good understanding of the Southern African energy markets.  With Evolution III at our side, the consortium will be stronger to support Equator Energy’s management team in achieving their ambitious growth targets.

Steven Faure, Partner at Inspired Evolution, said: “Equator Energy offers a proven and credible management team to accelerate the deployment of clean energy solutions across select African countries. Equator Energy will contribute to our mission of advancing clean energy infrastructure investment across the continent.

Sebastian Noethlichs, CEO of Equator Energy, said: “We are excited to have Evolution join IBL and STOA as shareholders in Equator Energy.  We believe their collective expertise, capabilities, and industry experience will accelerate Equator Energy ‘s growth trajectory to achieve the 300 MW target within 5-6 years. This investment is a testament to their confidence in our team, customers, and markets, and we are excited to have their support as we reach the next milestones.”

About STOA

Launched in 2017 by Caisse des Dépôts et des Consignations and Agence Française de Développement, we are a leading impact investor in infrastructure and energy. Our purpose: financing and supporting the development of sustainable and resilient infrastructure for future generations in Africa, Latin America, and Asia.

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Press contact: Sandrine Valadoux – – +33 6 07 38 47 03