CrossBoundary Energy Raises USD 140m for Expansion Across Africa

CrossBoundary Energy, a renewable energy solutions provider in Africa, has secured a USD-140-million (EUR 133.7m) senior debt commitment from South African lender Standard Bank Group Ltd (JSE:SBK) to expand its renewables portfolio across the continent.

The debt commitment represents the first tranche of a larger potential financing deal. Standard Bank has been appointed to arrange up to USD 300 million in total debt financing for CrossBoundary Energy to boost its renewables portfolio for commercial and industrial (C&I) clients across Africa.

“Our partnership with Standard Bank will allow us to expand and accelerate energy-as-a-service to African customers, ultimately improving the sustainability and competitiveness of businesses across Africa,” Pieter Joubert, President and Chief Investment Officer at CrossBoundary Energy, said in a statement on Monday.

CrossBoundary Energy is a Mauritius-headquartered firm with offices in Kenya, Nigeria, South Africa, and Ghana. It is dedicated to offering fully financed renewable power solutions to African businesses, including mining, industrial, and telecommunications multinationals.

The firm says its current awarded portfolio spans 330 MW of solar and wind assets and 178 MWh of battery energy storage solutions in 18 countries.

(USD 1.0 = EUR 0.955)