energy
23.01.2025
Press Release
23.01.2025
Press Release

Norfund invests a further US$40M in CrossBoundary Energy to support its expanding commercial and industrial energy portfolio

Key takeaways
Norfund has invested a further US$40M in CrossBoundary Energy, bringing its total investment to US$80M
The investment signals confidence in CBE’s growing portfolio of renewable energy assets in Africa
CBE has an awarded portfolio of US$680M, comprising 500 MW energy-generation assets and 600 MWh battery energy storage solutions

Norfund, the Norwegian investment fund for developing countries, has invested an additional US$40M in CrossBoundary Energy to further scale its African portfolio of commercial and industrial energy assets.

20 January 2025, Nairobi, Kenya – Norfund, the Norwegian investment fund for developing countries, has invested an additional US$40M in CrossBoundary Energy to further scale its African portfolio of commercial and industrial energy assets. The follow-on investment, which closed in December 2024, will double Norfund’s initial US$40M investment in CrossBoundary Energy in July 2022. Prior to Norfund’s investment, CrossBoundary Energy received US$40M investment from ARCH’s Africa Renewable Power Fund.

Over the past year, CrossBoundary Energy has successfully grown its awarded portfolio to around US$680M across 18 African countries, comprising 500 MW of solar, wind, and thermal assets and over 600 MWh of battery energy storage solutions. The portfolio features large-scale renewable-led hybrid power plants for mines, rooftop and ground-mount solar PV plants for industrial clients, and distributed solar PV and battery power solutions for telecommunications sites.

"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."

Muna Yuusuf, Associate Principal at CrossBoundary Energy

"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."

Rivhatshinyi Mandavha, Senior Investment Manager at Norfund

CrossBoundary Energy is headquartered in Mauritius and operates in 18 African countries. Its clients include industry leaders Rio Tinto, Unilever, Diageo, Heineken, and the Devki Group.

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About Norfund
Norfund is the Norwegian Investment Fund for developing countries with a mission to create jobs and improve lives by investing in businesses that drive sustainable development. Owned and funded by the Norwegian Government, Norfund is the Government’s most important tool for strengthening the private sector in developing countries and reducing poverty. Norfund’s committed portfolio amounts to USD 3.6 billion, with investments across Sub-Saharan Africa, South/Southeast Asia, and Latin America. Additionally, Norfund manages the Norwegian Climate Investment Fund, which focuses on reducing or avoiding greenhouse gas emissions by investing in renewable energy in developing countries with large emissions from coal and other fossil fuel production. For more details, please visit: www.norfund.no

About CrossBoundary Energy

CrossBoundary Energy develops, owns, and operates distributed renewable energy solutions for businesses, offering cheaper and cleaner energy through power purchase and lease agreements. With a US$680M portfolio of awarded, signed, in-construction, and operating energy assets, the company boasts over 500 MWp of solar PV, wind generation, and thermal projects and approximately 600 MWh of battery energy storage solutions. Its clients include industry leaders like Rio Tinto, Unilever, Diageo, Heineken, and the Devki Group. The diverse portfolio features large-scale renewable-led hybrid power plants for mines, rooftop and ground-mount solar PV plants for industrial clients, and distributed solar PV and battery power solutions for telecommunications sites. As a member of the CrossBoundary Group, founded in 2011, CrossBoundary Energy is dedicated to unlocking the power of capital for sustainable growth and strong returns in underserved markets. Learn more at www.crossboundaryenergy.com.