According to a company statement, the development is “a clear signal that the renewable energy industry is maturing.”
The investment firm explained that Evolution One Fund is a $90 million specialised fund that is focused on clean energy and environment sectors.
The funding has been established to support proven technologies and strong teams in infrastructure-type and growth investments related to value chains.
Selling of stakes
The company stated that sale of the fund’s stake in three of the assets was sold to an entity controlled by clients of TriAlpha Investment Management, which is facilitated by Gaia.
The other indirect stake in the fourth asset, the 138.6MW Cookhouse Wind Farm, was sold to Old Mutual Life Assurance Company who is an existing shareholder in the project.
According to the company, this sale of a combined 300MW of operating clean energy power plants has materially contributed to the stellar return performance for the company’s investors against comparable global 2008 vintage fund benchmarks.
“Its returns make it one of the stand-out performers in its specialised clean energy and climate-related sector, globally. The successful exit of these assets and other earlier exits has allowed Inspired Evolution to return Evolution One’s entire capital back to its investors – all in just over six-years from its final close,” the company noted.
The investment firm further stated that from this success, it will now be pursuing a pipeline of new clean energy projects across sub-Saharan Africa at various stages of development.
“We are looking to adapt and replicate our successful active investment management approach, strengthening our position as a leading equity partner in the region with proven credentials,” Christopher Clarke, Co-Managing Partner of Inspired Evolution, said.
Renewable energy investments reach financial closure
The company’s statement also highlighted that this exit milestone comes simultaneously with the first closing of the successor fund, Evolution II.
Evolution II achieved its first closing within 12 months after formally going to market, having raised $90 million from international investors, with one remaining investor commitment conditional on a final approval in early March 2017, the company stated.
Co-managing partner, Wayne Keast, said that the fund’s investors comprised a mix of strategic international DFIs, specialised fund-of-funds, and a family office.