This newest capital will support the company’s expansion of solar and battery-based clean energy projects across the African continent.

Thomas Hougaard, IFDK’s Managing Director and Co‑Head of Green Energy & Infrastructure, explained that the fund aims to back projects that fight climate change, help underprivileged and fragile areas, and drive economic growth in Africa.

By investing in CrossBoundary Energy, IFDK hopes to promote sustainable development, cut carbon emissions, and enhance living standards while unlocking new economic opportunities through innovative energy solutions.

Pieter Joubert, President and Chief Investment Officer at CrossBoundary Energy, highlighted the firm’s zero‑CapEx business model.

Under this arrangement, African firms can access stable, clean, and affordable power without making up-front infrastructure investments.

This allows businesses to focus their finances on core operations rather than on energy provision, helping them exceed their goals and generate further regional economic value.

CrossBoundary Energy is currently building the first solar-plus-battery baseload plant in Africa under a landmark commercial and industrial power purchase agreement (PPA) with Kamoa Copper—the world’s fifth-largest copper mine, located in the Democratic Republic of the Congo. This deal marks the largest PPA in the commercial and industrial sector on the continent.

Earlier this year, Norfund doubled its equity investment in CrossBoundary Energy to $80 million.

That followed a $140 million senior debt financing secured from Standard Bank at the end of 2024, which represents the first portion of a planned $300 million debt mandate.

The company has also secured a $495 million guarantee framework from the World Bank’s Multilateral Investment Guarantee Agency (MIGA).

This guarantee protects CBE’s assets against risks such as transfer restrictions and currency inconvertibility.