- CrossBoundary Energy has raised $40 million from Norfund to allow it to scale up its investments and further renewable energy solutions
- The leading industrial renewable energy systems in Africa said this funding will boost the business sector across Africa to benefit from cheaper and more reliable power
- CrossBoundary Energy is currently delivering a portfolio of $188 million in projects for 30 corporate customers across 14 countries in Africa
AFRICA – CrossBoundary Energy (CBE), a leading developer, owner, and operator of commercial and industrial renewable energy systems in Africa, has announced the completion of $40 million.
This commitment will allow CBE to further scale its investments in renewable energy solutions for commercial and industrial businesses (C&I) across Africa.
The investment was from Norfund, the Norwegian Investment Fund for developing countries, and KLP, Norway’s largest pension company, through their joint company KLP Norfund Investment AS.
It is a continuation of Norfund and KLP’s earlier investments in the C&I sector and endorses the scale and maturity of the distributed generation sector in Africa.
The secured funding is in addition to US$40 million in equity invested in CrossBoundary Energy by ARCH Emerging Markets’ Africa Renewable Power Fund in 2020.
“We are very excited to welcome Norfund and KLP as investors. Their commitment is aligned with our belief that the business sector across Africa should be able to benefit from cheaper, cleaner and more reliable power,” said the president and Chief Investment Officer Pieter Joubert.
Joubert further stated that the investment validates CrossBoundary Energy’s position as a trusted provider of customer-centric renewable energy solutions to the African business community.
“We look forward to drawing on Norfund’s significant experience as we seek to deliver an operational portfolio of over $300 million in assets within the next 5 years,” he said.
CrossBoundary Energy provides tailored, fully financed renewable energy solutions to its corporate customers allowing them to avoid upfront capital expenditure and technical risks whilst still benefitting from cheaper, cleaner and more reliable power.
Norfund’s Investment Manager Kristoffer Valvik said the distributed renewables are playing a critical role in driving toward the clean and sustainable growth of the commercial and industrial sector across Africa.
“The cost offered by renewable energy coupled with the reliability of battery energy storage systems, allows companies like CrossBoundary Energy to provide the business sector with immediate cost savings, significantly reducing their emissions and creating employment in the renewable energy sector,” said Valvik.
CrossBoundary Energy is currently delivering a portfolio of $188 million in projects for 30 corporate customers across 14 countries in Africa, comprising 150 MWp of solar PV assets, 50 MWh of battery energy storage assets, and 12 MW of wind assets.
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