Norfund Doubles Investment in CrossBoundary Energy to US$80 Million

Norfund has strengthened its commitment to Africa's commercial and industrial (C&I) energy sector by investing an additional $40 million in CrossBoundary Energy (CBE), bringing its total investment to $80 million. CBE, a leading provider of clean energy solutions, has expanded its awarded portfolio to approximately $680 million, spanning 18 African nations with 500 MW of renewable energy assets and over 600 MWh of battery storage solutions. This portfolio includes hybrid power plants for mining, solar PV installations for industrial clients, and battery solutions for telecommunications sites. With the increasing demand for innovative energy solutions in Africa, particularly clean and reliable power, Norfund's investment underscores confidence in CBE's ability to support sustainable economic growth across the continent. Rivhatshinyi Mandavha, a Senior Investment Manager at Norfund, emphasizes that this investment supports key industries and economies in Africa.