The Project involves a USD 20 m equity investment from the Bank into the third-generation private equity fund Evolution Fund III (the “Fund”). The Fund will target 12-15 investments of USD 20-40 m each, with 65% to greenfield and mature clean energy infrastructure equity/project finance, and up to 35% to growth equity in energy and resource efficiency. The Fund will build on the three investment themes being clean energy infrastructure, energy access, and energy and resource efficiency as established under predecessor funds, Evolution Fund (EV) I and II. The Fund will also target the supply chains that support these three themes, as well as related clean investments in agriculture, forestry, wastewater, solar waste management, transport, and low carbon technologies – with a focus on decarbonization,
decentralization and digitalization.