Norfund has committed an additional US$ 40 million to its African commercial and industrial (C&I) energy portfolio, increasing its total investment in CrossBoundary Energy (CBE) to $80 million. This strategic move highlights Norfund’s continued support for addressing the growing energy needs in Africa, particularly within the commercial and industrial sectors.
Over the past year, CBE has expanded its portfolio to nearly US$680 million across 18 African countries. This includes 500 MW of solar, wind, and thermal assets, as well as more than 600 MWh of battery storage. The portfolio features renewable-led hybrid power plants for mines, solar PV plants for industrial clients, and distributed energy solutions for telecommunications.
Muna Yuusuf, Associate Principal at CBE, 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.”
Rivhatshinyi Mandavha, Senior Investment Manager at Norfund, also emphasized the importance of this investment, stating: “Norfund’s continued investment in CBE reflects our belief in their ability to meet Africa’s growing demand for sustainable, affordable, and reliable energy solutions—essential for powering the continent’s economic growth.”
Together, these investments reinforce CBE’s capacity to deliver affordable, clean energy solutions, driving sustainable growth in key industries across Africa.
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