Norwegian investment fund Norfund has increased its stake in renewable energy solutions provider CrossBoundary Energy (CBE) by an additional USD 40 million, effectively doubling its investment. The transaction, finalized in December last year, aims to expand renewable energy initiatives across Africa.With this latest investment, CrossBoundary Energy’s portfolio of green energy assets has grown to approximately USD 680 million across 18 African countries.
The company specializes in renewable-led hybrid power plants for mining operations, distributed solar photovoltaic (PV) and battery energy projects for telecommunications sites, as well as rooftop and ground-mounted solar PV installations for industrial clients. Its energy assets comprise 500 MW of solar, wind, and thermal operations, along with over 600 MWh of battery energy storage projects.
CrossBoundary Energy provides energy solutions to major corporations operating in Africa, including Rio Tinto, Heineken, Unilever, Diageo, and the Devki Group.Legal advisory for Norfund’s investment was provided by Asafo & Co, with a team led by Casablanca-based partner Patrick Larrivé, supported by associates Othmane Mestari and Guy-Fabrice Holo.
The same legal team also assisted Norfund in its initial USD 40 million investment in CrossBoundary Energy in July 2022.Prior to this, CrossBoundary Energy secured a USD 40 million investment from ARCH’s Africa Renewable Power Fund.
Commenting on the investment, Rivhatshinyi Mandavha, senior investment manager at Norfund, stated: “The demand for innovative energy solutions in Africa is increasing rapidly. CrossBoundary Energy is at the forefront of delivering solutions that will strengthen clean energy capacity and drive job creation across the continent.”
Muna Yuusuf, associate principal at CrossBoundary Energy, added: “Norfund’s investment is a strong endorsement of CBE’s ability to cater to the growing need of commercial and industrial customers for cost-effective, clean, and reliable power – a critical factor in supporting sustainable growth in key industries and economies throughout Africa.”
