Press Releases
print

IFC Supports Climate Change Mitigation in Africa through Investment in Private Equity Fund


In Washington D.C.:
Lotte Pang
Tel: +1 (202) 758 4290
E-mail:
Lpang@ifc.org  

In Johannesburg:        
Houtan Bassiri
Phone: +27 11 731 3179
E-mail: Hbassiri@ifc.org


Washington, D.C., April 1, 2008—IFC, a member of the World Bank Group, today announced that it will invest in the Evolution One Fund, a private equity fund, which in turn will invest in clean technologies and enterprises working to mitigate climate change in Southern Africa.

IFC will invest up to $20 million in the Evolution One Fund, which will be managed by Inspired Evolution Investment Management, a South Africa-based company. The fund will invest in companies located primarily in Southern African Development Community countries. It will target climate change sectors such as renewable energy (landfill gas, solar, and wind energy) and related sectors, including water and waste management, recycling, natural products, and green buildings. IFC will work with and co-invest alongside the Consensus Business Group, a London-based investment advisor on environmental funds, on this initiative.

Haydee Celaya, IFC Director for Private Equity and Investment Funds, said, “IFC’s investment in Evolution One Fund is in line with the World Bank Group’s strategy to support projects and technologies that address climate change. This demonstrates our commitment to being a leader in the clean energy and climate change sectors and to providing support to smaller businesses that are not likely to receive funding from mainstream private equity groups.”

Vincent Tchenguiz, Chairman of Consensus Business Group, added, “Consensus Business Group has had a strategic focus on the environmental sector for a number of years. We have developed innovative business models to deliver strong financial returns and add strategic value to our investee companies. We look forward to working with Evolution One Fund.”

Christopher Clarke, Executive Director at Inspired Evolution Investment Management, said, “Evolution One Fund is positioned to lead a new generation asset class that is centered on investing in sustainability and on clean technologies and natural capital markets. This effort represents a strategic response to an unprecedented global and regional business opportunity.”

About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people should have the opportunity to escape poverty and improve their lives. In FY2007, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org.

For more details about IFC’s partners, visit:  

Evolution One Fund,
www.inspiredevolution.co.za
Consensus Business Group, www.cbg.uk.com

Consensus Business Group
Wayne Keast
Tel: +44 20 7355 7777
E-mail: w.keast@cbg.uk.com

Inspired Evolution Investment Management (Pty) Ltd
Christopher Clarke
Tel: +27 21 702 1290
E-mail: chris@inspiredevolution.co.za