CrossBoundary Energy (CBE), a leading developer of renewable energy solutions for commercial and industrial clients in Africa, has secured a $40 million equity-like capital investment from Impact Fund Denmark (IFDK). This strategic funding will support the expansion of CBE’s portfolio of clean energy projects across the continent, accelerating its mission to deliver reliable, cost-effective, and sustainable power to African businesses.
Thomas Hougaard, Managing Director and Co-Head of Green Energy and Infrastructure at IFDK, emphasized the alignment of the investment with the fund’s core objectives:
This investment aligns with our primary goals—addressing climate change, supporting vulnerable regions, and fostering inclusive growth in Africa. By backing CrossBoundary Energy, we’re contributing to sustainable development, reducing carbon emissions, and improving lives across the continent. We also see immense potential in Africa, where innovative energy solutions can unlock economic growth and drive long-term progress.
Pieter Joubert, President and Chief Investment Officer at CBE, highlighted the impact of the company’s zero-CapEx model:
Our approach lowers the barrier to entry for African businesses seeking clean, stable, and affordable power. By freeing up their balance sheets from energy infrastructure costs, companies can focus on their core operations and unlock greater economic value in their regions.
CBE is currently constructing Africa’s first solar and battery energy storage baseload plant, following the signing of Africa’s largest commercial and industrial power purchase agreement with Kamoa Copper, the world’s fifth-largest copper mine located in the Democratic Republic of the Congo.
This latest investment follows a series of major financial milestones for CBE:
- Norfund doubled its investment in the company to $80 million earlier this year.
- Standard Bank closed a $140 million senior debt deal in late 2024, marking the first tranche of a $300 million debt mandate.
- The World Bank’s Multilateral Investment Guarantee Agency (MIGA) approved a $495 million guarantee framework to protect CBE’s assets against risks such as transfer restrictions and currency inconvertibility.
These developments position CrossBoundary Energy as a key player in Africa’s clean energy transition, with growing support from global financial institutions and impact investors.
