New Investments
Norfund Invests Additional $40 Million in CrossBoundary Energy to Scale African Clean Energy Portfolio
Norfund, the Norwegian Investment Fund for developing countries, has announced an additional investment of US$40 million in CrossBoundary Energy (CBE), a leading renewable energy solutions provider in Africa.
This follow-on investment, finalized in December 2024, doubles Norfund’s initial US$40 million commitment made in July 2022.
CrossBoundary Energy had previously secured US$40 million in funding from ARCH’s Africa Renewable Power Fund.
The increased funding aims to support the rapid expansion of CrossBoundary Energy’s commercial and industrial renewable energy portfolio, which has grown to approximately US$680 million across 18 African nations.
This portfolio encompasses 500 megawatts (MW) of solar, wind, and thermal energy assets, along with over 600 megawatt-hours (MWh) of battery storage solutions.
The projects include large-scale hybrid power plants for mining operations, rooftop and ground-mount solar photovoltaic (PV) systems for industrial clients, and distributed solar PV and battery power setups for telecommunications sites.
Muna Yuusuf, Associate Principal at CrossBoundary Energy, highlighted the significance of Norfund’s investment, stating:
“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, underscored the growing demand for clean energy solutions on the continent, saying:
“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.”
Headquartered in Mauritius, CrossBoundary Energy operates in 18 African countries, serving clients that include prominent global and regional companies such as Rio Tinto, Unilever, Diageo, Heineken, and the Devki Group.
The company’s renewable energy solutions are designed to provide cost-effective, sustainable power, enabling businesses to reduce operational costs and carbon emissions while driving industrial growth across the region.
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