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.
Related Articles
Register Now
Empower Africa Times Newsletter
Share :
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
You may also like…
AfDB Commits Record $11 Billion in 2024–2025 Funding to Drive Jobs, Climate Action, and Infrastructure
The African Development Bank (AfDB) has announced a historic $11.1 billion in new investments for the 2024–2025 period, marking the highest annual commitment in its history.
Saudi Investor Backs Arise IIP with $700 Million in One of Africa’s Largest Private Infrastructure Deals
Saudi Arabia’s Vision Invest has acquired a stake in Arise Integrated Industrial Platforms (Arise IIP) via a capital injection of $700 million, in what is one of the biggest private infrastructure financing events in Africa.
Ethiopian Airlines and AfDB Sign $7.8 Billion Deal to Build Africa’s Largest Airport
Ethiopian Airlines has signed a landmark agreement with the African Development Bank (AfDB) to develop Africa’s largest airport—the Bishoftu International Airport in Ethiopia.