Frontier and Growth Markets | July 20, 2022

CrossBoundary Energy raises $40 million to expand clean energy in Africa

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, July 20 — Nairobi-based CrossBoundary Energy invests in and develops solar systems for commercial and industrial customers in sub-Saharan Africa, where access to reliable energy services worsened during the pandemic.

The company’s solar, wind and battery storage portfolio in 14 African countries costs nearly $190 million. KPL Norfund Investments, a special purpose vehicle of Norwegian pension manager KPL and the Norwegian Investment Fund for Developing Countries, has made a $40 million equity investment in the company.

CrossBoundary’s Pieter Joubert said the fund “seeks to deliver an operational portfolio of over $300 million in assets within the next five years.”

Global customer base

CrossBoundary has helped finance and install 150-megawatts of solar generating capacity and 50-megawatt-hours of battery storage projects in Kenya, Rwanda, Ghana, Madagascar, Uganda, Sierra Leone, Zambia and Nigeria.

The company has 30 clients, including Unilever, Rio Tinto, Heineken and local companies like Ghana’s Kasapreko and Kenya’s Xflora Group.