According to a July 2022 press release, the Norwegian Investment Fund for Developing Countries (Norfund) and Norway’s largest pension company, KLP, will jointly invest USD 40 million in equity in CrossBoundary Energy (CBE) to help the company expand its renewable energy solutions for businesses in Africa.
Renewable energy critical for Africa
“We believe that distributed renewables are playing a critical role in driving forward the clean and sustainable growth of the commercial and industrial sector across Africa. The cost savings offered by renewable energy, coupled with the reliability of battery energy storage systems, allow companies like CrossBoundary Energy to provide the business sector with immediate cost savings whilst significantly reducing their emissions,” said Kristoffer Valvik, Investment Manager, Norfund.
According to the press release, CrossBoundary Energy currently operates in 14 African countries and has a project portfolio worth USD 188 million.
“We are very excited to welcome Norfund and KLP as investors. Their commitment is aligned with our belief that the business sector across Africa should be able to benefit from cheaper, cleaner and more reliable power. We look forward to drawing on Norfund’s significant experience as we seek to deliver an operational portfolio of over $300M in assets within the next 5 years,” said Pieter Joubert, President and Chief Investment Officer, CrossBoundary Energy.
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