- The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, has announced a $45m funding contribution to CrossBoundary Energy Holdings.
EAAIF’s investment will drive the expansion of pioneering solar, wind, hybrid energy, and battery energy storage systems (BESS) in countries with favourable conditions for renewable energy where access to reliable and affordable power is critical to business growth.
The investment is part of a broader $300m senior debt facility led and arranged by the Standard Bank of South Africa, which recently underwrote $141.5m for the first tranche of the facility.
CrossBoundary Energy (CBE) is a pioneer in financing distributed solar for businesses in Africa – demonstrating the tremendous potential of the growing asset class, with diversified operations in nine African countries, including Nigeria, Somalia, Sierra Leone, Madagascar, and more.
The company is a leading provider of clean, reliable, low-cost energy solutions to C&I clients with a portfolio of 25 operational projects worth ~$100m, comprising ~60 MW of generation assets and 22MWh of BESS, and an additional portfolio of projects under construction, signed or awarded of ~$560m, including 440 MW generation assets and over 570MWh BESS.
Author: Bryan Groenendaal
