CrossBoundary Energy raises $50m from FEI

The Facility for Energy Inclusion (FEI) signed an agreement to provide $30 million of senior debt to CrossBoundary Energy (CBE) and is in the process of arranging an additional $20 million in Q3 2023. This transaction, structured by FEI as a construction loan facility, allows CBE to further scale its investments in commercial and industrial (C&I) renewable energy solutions across Africa.

CBE provides tailored, fully financed renewable energy solutions to its corporate customers allowing them to avoid upfront capital expenditure and technical risks, whilst still benefitting from cheaper, cleaner, and more reliable power.

“We believe that C&I renewables drive clean and sustainable growth across Africa. By supporting CrossBoundary Energy, which has established itself as a pioneer in the C&I renewable energy sector, the Facility for Energy Inclusion consolidates its market-leading position in the sector. With strong market knowledge, flexibility and speed of execution, we focus on driving results for our clients at FEI. Through this construction loan facility, we have demonstrated our capacity to deliver bespoke structuring to support our clients’ growth,” said Carmen de Castro, managing director and fund lead at Cygnum Capital.

“This financing is aligned with our belief that the business sector across Africa should be able to benefit from cheaper, cleaner and more reliable power. This investment validates CrossBoundary Energy’s position as a trusted provider of customer-centric renewable energy solutions to the African business community. We look forward to working with the Facility for Energy Inclusion as we seek to deliver an operational portfolio of over $500 million in assets within the next five years,” said Zaina Otieno, associate principal at CrossBoundary Energy.