Norfund, the Norwegian investment fund for developing countries, invested an additional US$40M in CrossBoundary Energy to further scale its African portfolio of commercial and industrial energy assets. The follow-on investment, which closed in December 2024, will double Norfund’s initial US$40M investment in CrossBoundary Energy in July 2022. Prior to Norfund’s investment, CrossBoundary Energy received US$40M investment from ARCH’s Africa Renewable Power Fund.
Over the past year, CrossBoundary Energy has successfully grown its awarded portfolio to around US$680M across 18 African countries, comprising 500 MW of solar, wind, and thermal assets and over 600 MWh of battery energy storage solutions. The portfolio features large-scale renewable-led hybrid power plants for mines, rooftop and ground-mount solar PV plants for industrial clients, and distributed solar PV and battery power solutions for telecommunications sites.
Muna Yuusuf, Associate Principal at CrossBoundary Energy said:
“Norfund’s investment signifies a strong vote of confidence in CBE’s capability to meet the increasing demand of commercial and industrial customers for affordable, clean, and reliable power – the backbone of powering sustainable growth in key industries and economies across Africa.”
Rivhatshinyi Mandavha, Senior Investment Manager at Norfund commented:
“The need for innovative energy solutions in Africa is growing rapidly. CrossBoundary Energy is a leading provider of solutions that are poised to bolster clean energy capacity and job creation on the continent.”
CrossBoundary Energy is headquartered in Mauritius and operates in 18 African countries. Its clients include industry leaders Rio Tinto, Unilever, Diageo, Heineken, and the Devki Group.
Source:
www.appsafrica.com
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