Norfund doubles its investment in CrossBoundary Energy to $80m
Norfund has committed an additional $40 million to CrossBoundary Energy.
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Norfund has committed an additional $40 million to CrossBoundary Energy.
Over the past year, CrossBoundary Energy has grown its awarded portfolio to around $680 million across 18 African countries, comprising 500 MW of solar, wind, and thermal assets and over 600 MWh of battery energy storage solutions. The portfolio features large-scale renewable-led hybrid power plants for mines, rooftop and ground-mount solar PV plants for industrial clients, and distributed solar PV and battery power solutions for telecommunications sites.
“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,” says Rivhatshinyi Mandavha, senior investment manager at Norfund.
“Norfund’s investment signifies a strong vote of confidence in CBE’s capability to meet the increasing demand of commercial and industrial customers for affordable, clean, and reliable power – the backbone of powering sustainable growth in key industries and economies across Africa,” says Muna Yuusuf, associate principal at CrossBoundary Energy.
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