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As stated by the IFC, the proposed project consists of an IFC investment of up to US$120 million in the Zafiri Investment Vehicle, an entity to be established in Mauritius, and will serve as a permanent capital vehicle to invest patient equity in companies operating distributed renewable energy (DRE) solutions in Sub-Saharan Africa (SSA), with an objective of providing electricity and clean cooking access to at least 30 million people over the life of the Vehicle. The Vehicle will be managed by an Investment Manager (IM) who is yet to be appointed. The project is expected to be supported by the IFC’s Concessional Capital Window (CCW-IDA21) as described in the Blended Finance Section.
As stated by the IFC, Zafiri is targeting an initial capitalization of US$300 million, comprising US$150 million in senior equity and US$150 million in junior equity, which is being provided primarily by multilateral development banks, development finance institutions, and philanthropies. Subject to performance and subsequent capital needs in the market, Zafiri may raise an additional US$300 million of equity, most likely raised from commercial investors, ultimately targeting US$1 billion in net asset value through organic growth with 10-15 years.
Zafiri is an investment vehicle launched by the IFC and the AfDB, expects to start operations in July. The DRE-focused blended finance vehicle has raised $300m for its first phase, a figure which could rise to $1bn in the future. Zafiri is part of the wider AfDB- and The World Bank Group-led 'Mission 300' scheme that aims to provide electricity to 300m people by the end of the decade.
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