Norfund, the Norwegian Investment Fund dedicated to fostering development in emerging economies, has recently announced a significant follow-on investment of US$40 million in CrossBoundary Energy (CBE), a prominent provider of renewable energy solutions across Africa. This new investment, finalized in December 2024, effectively doubles Norfund’s initial commitment of US$40 million made in July 2022, reflecting a strong belief in CBE’s potential and the growing importance of renewable energy in the region.
Prior to this, CrossBoundary Energy had successfully secured US$40 million in funding from ARCH’s Africa Renewable Power Fund, which has been instrumental in supporting its initiatives. The additional funding from Norfund is strategically aimed at accelerating the rapid expansion of CBE’s commercial and industrial renewable energy portfolio, which has impressively grown to approximately US$680 million across 18 African nations.
This expansive portfolio includes a diverse array of energy assets totaling 500 megawatts (MW), comprising solar, wind, and thermal energy solutions, as well as over 600 megawatt-hours (MWh) of battery storage capabilities. The projects undertaken by CBE are varied and impactful, featuring large-scale hybrid power plants specifically designed for mining operations, rooftop and ground-mounted solar photovoltaic (PV) systems tailored for industrial clients, and distributed solar PV and battery power installations for telecommunications sites.
Muna Yuusuf, Associate Principal at CrossBoundary Energy, emphasized the significance of Norfund’s investment, stating;
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.
This statement underscores the critical role that renewable energy plays in supporting economic development and sustainability in the region.
Rivhatshinyi Mandavha, Senior Investment Manager at Norfund, echoed this sentiment by highlighting the escalating demand for clean energy solutions throughout the continent. He remarked; “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.”
This reflects a broader recognition of the urgent need for sustainable energy alternatives in Africa. Headquartered in Mauritius, CrossBoundary Energy operates across 18 African countries, catering to a diverse clientele that includes notable global and regional corporations such as Rio Tinto, Unilever, Diageo, Heineken, and the Devki Group.
The company’s renewable energy solutions are meticulously designed to deliver cost-effective and sustainable power, enabling businesses to significantly reduce operational costs and carbon emissions while simultaneously driving industrial growth throughout the region. This investment not only supports CBE’s expansion but also contributes to the broader goal of enhancing energy access and sustainability in Africa.
