Inspired Evolution has exited its controlling stake in Commercial Energy SA (CESA), marking a significant transaction in South Africa’s growing commercial and industrial renewable energy market.
The stake, held through the Evolution II Fund, has been acquired by SolarAfrica Energy, which previously co-owned the platform. The deal represents another disposal for the Evolution II Fund as it enters the final phase of its lifecycle.
Launched in 2017 with $216 million in committed capital, the Evolution II Fund focuses on clean energy infrastructure and energy efficiency investments across Sub-Saharan Africa. The fund has made nine investments to date and is now in an advanced stage of exiting its portfolio, with this transaction bringing its total exits to four and contributing to 20 disposals across Inspired Evolution’s broader fund portfolio.
CESA was established to develop, own and operate distributed renewable energy assets for South Africa’s commercial and industrial sector. The platform has built a portfolio of approximately 90MW of solar photovoltaic and battery energy storage capacity, supplying power through long-term agreements to a diversified base of clients.
Its installations range from small rooftop systems to multi-megawatt projects and include customers such as CTM, Ford, Nestlé and Tiger Brands, reflecting growing corporate demand for energy security and cost efficiency amid ongoing power constraints.
The investment, initially made in 2019, supported the expansion of CESA over a seven-year period, positioning it as a key player in South Africa’s decentralised energy market.
The transaction underscores continued investor interest in renewable energy platforms serving the commercial and industrial segment, where businesses are increasingly turning to alternative energy solutions to manage costs, reduce reliance on the grid and meet sustainability targets.
SolarAfrica is expected to use the acquisition to scale its offering, including the expansion of solutions such as electricity wheeling, as it deepens its footprint in the market.
Inspired Evolution, headquartered in Cape Town, manages more than $1.1 billion in committed capital and focuses on climate-aligned investments across Africa, including clean energy infrastructure and resource efficiency.
SolarAfrica, founded in 2011, provides solar and battery storage solutions as well as energy trading and aggregation services, and has been recognised as one of Africa’s leading solar energy firms.