The Emerging Africa & Asia Infrastructure Fund (EAAIF), managed by Ninety One, has announced a significant funding contribution of $45 million to CrossBoundary Energy. This investment is aimed at facilitating the expansion of renewable energy solutions, including solar, wind, hybrid energy systems, and battery energy storage systems (BESS), in regions that possess favorable conditions for renewable energy development.
CrossBoundary Energy specializes in delivering clean energy solutions to corporate and industrial clients. Currently, the company boasts a robust portfolio of 25 operational projects valued at approximately $100 million, which includes around 60 MW of generation assets and 22 MWh of battery energy storage. Additionally, CrossBoundary Energy has a substantial pipeline of projects that are either under construction, signed, or awarded, totaling around $560 million. This includes plans for 440 MW of generation assets and over 570 MWh of battery energy storage.
This investment forms part of a larger $300 million senior debt facility that is being led and arranged by Standard Bank of South Africa. Recently, Standard Bank underwrote $141.5 million for the first tranche of this facility, further solidifying the financial backing for these renewable energy initiatives.
Esther Chan, a director at Ninety One, emphasized the significance of this funding, stating;
Our contribution to CrossBoundary Energy Holdings represents a pivotal moment as EAAIF’s inaugural commercial and industrial energy investment in Africa. This investment complements the fund’s existing portfolio, which includes numerous utility-scale renewable energy projects. Through our partnership with CrossBoundary Energy, we aim to drive Africa’s clean energy transition and foster economic transformation by empowering job-creating industries. This investment underscores EAAIF’s capability to identify and finance infrastructure projects that enhance productivity and promote long-term development in key sectors that have the potential to reshape entire economies.
Pieter Joubert, president and chief investment officer of CrossBoundary Energy, remarked on the growing demand for energy-as-a-service, particularly within the mining, telecommunications, and industrial sectors. He stated, “The success of our current portfolio and future pipeline demonstrates that the demand for energy-as-a-service is at an all-time high. The contribution from EAAIF will play a crucial role in supporting our business by providing the necessary financing to further scale our portfolio. We are grateful to funders like EAAIF who share our commitment to advancing clean growth in Africa.”
