EAAIF contributes $45m to CrossBoundary Energy
The Emerging Africa & Asia Infrastructure Fund has made a $45 million funding contribution to CrossBoundary Energy.
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The Emerging Africa & Asia Infrastructure Fund (EAAIF), managed by Ninety One, has made a $45 million funding contribution to CrossBoundary Energy.
EAAIF's investment will drive the expansion of solar, wind, hybrid energy, and battery energy storage systems (BESS) in countries with favourable conditions for renewable energy.
CrossBoundary Energy is a provider of clean energy solutions to corporate and industrial clients. It has a portfolio of 25 operational projects worth ~$100 million, comprising ~60 MW of generation assets and 22MWh of BESS, and an additional portfolio of projects under construction, signed or awarded of ~$560 million, including 440 MW generation assets and over 570MWh BESS.
The investment is part of a broader $300 million senior debt facility led and arranged by Standard Bank of South Africa, which recently underwrote $141.5 million for the first tranche of the facility.
Esther Chan, a director at Ninety One, said: “Our funding contribution to CrossBoundary Energy Holdings marks a significant milestone as EAAIF’s first commercial and industrial energy investment in Africa, complementing the fund’s investments in numerous utility-sized renewable energy projects. In our partnership with CrossBoundary Energy, our shared objective is driving Africa's clean energy transition and economic transformation by enabling job-creating industries to thrive. Our investment is a testament to EAAIF's ability to identify and finance infrastructure projects that can boost productivity and foster long-term development in strategic sectors with the power to reshape entire economies.”
Pieter Joubert, president and chief investment officer of CrossBoundary Energy, said: “The success of our current portfolio and future pipeline proves that the demand for energy-as-a-service – particularly in mining, telecommunications, and industrial sectors – is higher than ever. The contribution from EAAIF will significantly support our business by providing finance now that will assist with further scaling of our portfolio. We’re grateful to funders like EAAIF who share our commitment to furthering clean growth in Africa.”
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