CrossBoundary Energy (CBE), a leading developer of renewable energy solutions for commercial and industrial clients in Africa, has secured a $40 million equity-like investment from Impact Fund Denmark (IFDK).
This strategic funding will accelerate the expansion of CBE’s clean energy projects across the continent, supporting sustainable development and economic growth.
Here’s everything you need to know about this significant investment and its impact on Africa’s renewable energy landscape.
What is CrossBoundary Energy?
CrossBoundary Energy is a Mauritius-based company operating in 18 African countries, delivering renewable energy solutions to businesses through power purchase agreements (PPAs) and lease agreements.
With a portfolio valued at approximately $680 million, CBE manages over 500 MW of solar, wind, and thermal assets, alongside 600 MWh of battery energy storage systems (BESS).
Their clients include industry giants like Rio Tinto, Unilever, Diageo, Heineken, and the Devki Group, showcasing their reputation as a trusted provider of clean, cost-effective, and reliable power.
CBE’s innovative zero-capex model allows businesses to access renewable energy without upfront capital expenditure, freeing up resources for core operations and driving economic value.
This approach is particularly vital in Africa, where unreliable electricity grids and high energy costs often hinder business growth.
The $40M Investment from Impact Fund Denmark
On August 18, 2025, CrossBoundary Energy announced a $40 million equity-like capital investment from Impact Fund Denmark (IFDK), a Danish state-owned fund formerly known as the Investment Fund for Developing Countries (IFU).
This investment will fuel CBE’s mission to deploy solar photovoltaic (PV) and battery energy storage systems across Africa, addressing critical energy access challenges.
According to Thomas Hougaard, Managing Director and Co-Head of Green Energy and Infrastructure at IFDK, the investment aligns with the fund’s goals of tackling climate change, supporting vulnerable regions, and promoting inclusive growth.
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“By supporting CrossBoundary Energy, we are contributing to sustainable development, reducing carbon emissions, and improving the quality of life for communities across Africa,” Hougaard stated.
The funding comes on the heels of other significant financial milestones for CBE:
- Norfund doubled its investment to $80 million in early 2025.
- Standard Bank provided a $140 million senior debt facility in late 2024 as part of a $300 million debt mandate.
- The World Bank’s Multilateral Investment Guarantee Agency (MIGA) approved a $495 million guarantee framework to protect CBE’s assets from risks like transfer restrictions and currency inconvertibility.
These developments position CBE as a key player in Africa’s clean energy transition, with robust backing from global financial institutions and impact investors.
Key Project: Africa’s First Solar/BESS Baseload Plant
A flagship initiative supported by this investment is CBE’s construction of Africa’s first solar and battery energy storage baseload plant for Kamoa Copper SA, the world’s fifth-largest copper mine in the Democratic Republic of Congo (DRC).
This project, underpinned by Africa’s largest commercial and industrial PPA, will enhance the mine’s output and drive economic impact in the region.
Tom Roberts, Associate Principal at CBE, emphasised the importance of IFDK’s investment in enabling such projects, noting its role in navigating cross-border legal complexities to close the transaction within three months.
By providing renewable energy to energy-intensive sectors like mining, CBE’s solutions reduce reliance on diesel-powered electricity, lower carbon emissions, and improve operational efficiency.
This aligns with IFDK’s mission to support climate action and sustainable development.
Why This Investment Matters for Africa
Energy access remains a significant barrier to economic growth in Africa, with over 600 million people lacking reliable electricity, according to the International Energy Agency (IEA).
In regions with weak or unreliable grids, solar PV and battery storage systems offer a rapid solution to deliver clean and stable power.
CBE’s flexible PPAs enable businesses to access these solutions without significant capital investment, thereby making renewable energy more accessible.
The $40 million investment from IFDK will:
- Expand clean energy infrastructure: Support the deployment of solar and battery storage systems across key sectors like mining, telecommunications, and manufacturing.
- Reduce carbon emissions: Replace diesel-powered generation with renewable energy, contributing to Africa’s decarbonisation efforts.
- Drive economic growth: Enable businesses to redirect capital to core activities, contributing to job creation and regional development.
- Enhance energy security: Mitigate risks associated with unreliable grids, which cost economies like Nigeria $26 billion annually due to power shortages.
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The Bigger Picture: Africa’s Renewable Energy Future
CrossBoundary Energy’s growing portfolio and strategic partnerships signal a bright future for renewable energy in Africa.
With a $680 million awarded portfolio and operations in countries like Nigeria, Somalia, Sierra Leone, and Madagascar, CBE is pioneering the commercial and industrial (C&I) renewable energy sector.
The company’s efforts have been recognised by the Africa Solar Industry Association as the “Solar Company of the Year”, confirming its leadership in the space.
This investment also reflects a broader trend of increasing global support for Africa’s clean energy transition. Institutions like Norfund, Standard Bank, EAAIF, and the World Bank are doubling down on renewable energy projects to address the continent’s energy challenges.
By leveraging innovative financing models and advanced technologies, CBE is well-positioned to meet the rising demand for energy-as-a-service in Africa’s industrial and commercial sectors.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, and digital finance at Africa Digest News.
