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Home Tech News Africa Tech News

CrossBoundary Energy secures $50 million for energy solutions across Africa

Staff Writer by Staff Writer
June 24, 2023
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CrossBoundary Energy secures $50 million for energy solutions across Africa
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CrossBoundary Energy, a leading developer, owner, and operator of commercial and industrial (“C&I”) renewable energy systems, has secured a substantial investment worth US$50 million.

The investment includes a $30 million multi-country facility granted by Cygnum Capital (previously Lion’s Head Group)’s Facility for Energy Inclusion (“FEI”). Also, FEI is arranging an additional $20 million for CrossBoundary Energy, which is anticipated to be completed in the third quarter of 2023.

The investment will aid CrossBoundary Energy in expanding its C&I business across Africa. 

CrossBoundary Energy will be able to increase its investments in tailored, fully funded renewable energy solutions for corporate clients owing to the facility agreement, which FEI structured as a novel construction loans facility. 

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These clients may benefit from more cost-effective, cleaner, and reliable power by eliminating upfront capital investment and technical risks. CrossBoundary Energy works directly with its partners to design, develop, finance, and manage renewable energy projects that are tailored to each client’s specific requirements.

Read also: TubimEnergy tackles Africa energy crisis with solar bundles

What prompted the financial backing

Investors see a huge opportunity in Africa’s commercial and industrial (“C&I”) renewable energy sector to fuel green economic growth. Demand for renewable energy solutions in the commercial and industrial sectors is growing as people become more conscious of the environmental effect of existing energy sources and the need to make the switch to cleaner alternatives.

Investors will likely find CrossBoundary Energy appealing because of its standing as a prominent creator, owner, and operator of such solutions.

The investors were presumably encouraged by CrossBoundary Energy’s established track record and stellar reputation in the industry. Unilever, Diageo, Rio Tinto, Heineken, and AB InBev are just some of the companies that have benefited from the company’s successful delivery of a portfolio of solar renewable energy assets valued at more than $285 million. 

The company’s market dominance and credibility have been solidified by its success in attracting and satisfying high-profile business clients.

In addition, the investors’ goal of helping companies in Africa have access to cleaner, more affordable electricity is consistent with their investment. CrossBoundary Energy offers customized, fully-financed renewable energy solutions to help businesses reap the benefits of renewable energy without incurring high initial costs or taking on the associated technical risks. 

This focus on the consumer is consistent with the investors’ goals of encouraging long-term development and adding real value for African companies.

Perhaps very appealing to the investors was the prospect of high returns on their investments in the renewable energy market. There is a promising future for businesses like CrossBoundary Energy as the demand for clean energy rises and government regulations favour the growth of renewable energy sources. 

The company’s success in securing long-term power purchase and leasing agreements with corporate customers indicates its capacity to generate consistent income and long-term profits.

Nigeria, UNIDO, GEF Partner To Meet Clean Energy, Climate Action SDGs

About CrossBoundary Energy

CrossBoundary Energy was established in 2011, and since then, it has been the go-to company for providing distributed renewable energy solutions to companies throughout Africa. The company’s power purchase and leasing agreements provide greener, more cost-effective energy than its competitors. Its present portfolio includes solar renewable energy assets valued at more than $285 million and includes customers including Unilever, Diageo, Rio Tinto, Heineken, and AB InBev.

CrossBoundary Energy is a part of the CrossBoundary Group, a mission-driven investment organisation focusing on maximising shareholder value via responsible investing in unserved areas. The Africa Solar Sector Association recognised the company’s significant contributions to the solar sector and named it “Solar Company of the Year” in 2022.

Across Africa, CrossBoundary Energy serves business and industrial customers with sustainable energy solutions designed specifically for them. Designing, constructing, financing, and maintaining renewable energy projects are all part of the company’s full-service offering. CrossBoundary Energy eliminates the need for initial investment and the associated technical risks by funding all aspects of its customers’ renewable energy projects.

Tags: AfricaCrossBoundary Energyenergy solutions
Staff Writer

Staff Writer

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