Danish Investor Commits USD 40m to CrossBoundary Energy’s Africa Expansion

Impact Fund Denmark has committed to making an equity-like capital investment of USD 40 million (EUR 34.223) in Africa-focused renewable energy solutions provider CrossBoundary Energy Holdings (CBE) to advance decarbonisation on the continent by supporting businesses in switching from diesel generators to renewable energy.

“This investment aligns with our primary objectives: tackling climate change, supporting poor and fragile regions, and fostering growth in Africa. By supporting CrossBoundary Energy, we are contributing to sustainable development, reducing carbon emissions, and improving the quality of life for communities across Africa,” said Thomas Hougaard, managing director and co-head of green energy and infrastructure at Impact Fund Denmark.

Mauritius-based CBE develops, finances, and operates distributed power generation assets, such as solar and battery energy storage systems, for private companies in Africa, among them Unilever, Guinness, and Rio Tinto. It offers services through power purchase or lease agreements for 15-20 years.

The company has worked on 30 projects across eight countries. Its operating portfolio tops 57 MW, with more than 240 MW currently under construction, plus a pipeline of an additional 213 MW of renewable energy capacity and 134 MWh of battery energy storage.

In July, the company secured USD 495 million in guarantees from the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA) to support its investments in 100 distributed renewable energy (DRE) and storage projects in Africa.

(USD 1 = EUR 0.856)