CrossBoundary Energy secures $40m investment

From the newsletter

CrossBoundary Energy (CBE) has secured a $40 million equity investment from Impact Fund Denmark to support its growing portfolio of clean energy projects in Africa. The company has been on a strong run of funding deals in 2025, having raised at least $145 million so far. Last month, it finalised a $495 million guarantee framework with MIGA.

• CBE is currently building Africa’s first solar-plus-BESS baseload plant after signing the continent’s largest commercial and industrial (C&I) power purchase agreement with Kamoa Copper SA, the world’s fifth-largest copper mine in DR Congo.

• New financing models that enable companies to adopt clean energy solutions without incurring upfront capital costs are gaining traction, and CBE is among the leaders in this shift.

More details

• CBE operates in at least 20 African countries, serving sectors such as mining, telecommunications, and heavy industry. The company provides financing, development, and operation of renewable energy systems through an innovative energy-as-a-service model, with a focus on solar PV, wind power, and battery energy storage.

• By structuring projects through PPAs, it eliminates the need for upfront capital expenditure, enabling businesses to adopt clean energy more easily. Pieter Joubert, President and Chief Investment Officer at CBE (pictured), explained, “Our zero-CapEx model lowers the barrier to entry for African businesses seeking stable, clean, and cost-effective power. Once companies’ balance sheets are freed up to invest in their core value-generating activities rather than power provision, they can reach and exceed their targets, unlocking further economic value in the regions in which they operate.”

• CBE has built a strong network of funding partners, including Norfund, the Emerging Africa & Asia Infrastructure Fund (EAAIF), and Standard Bank South Africa. The bank was also appointed lead arranger for $300 million in senior debt, of which $201 million has already been raised. The recent investment from Impact Fund Denmark (IFDK) marks the first partnership with CBE. It will support CBE’s deployment of solar PV and battery storage projects across Africa, including its solar-plus-BESS baseload facility in the Democratic Republic of the Congo.

• The C&I sector remains critical for Africa’s economic growth but has been severely affected by the continent’s unreliable grid. Companies lose an average of 5–8% of annual sales, and in extreme cases, losses can reach up to 31%. This has pushed many businesses to implement backup solutions, with more than 52% owning or sharing a diesel generator. However, rising fuel prices and supply chain vulnerabilities are driving costs even higher.

• For energy-intensive industries such as mining, where energy costs can account for up to 40% of total operating expenses, there is a strong incentive to generate their own power due to high energy demands and the potential for significant cost savings. 

• In an interview this week with Renewables Rising, CBE President Pieter Joubert expressed optimism about the mining sector’s adoption of renewables, noting that mines face high power costs and often have ample land for solar and large battery systems and expects the Kamoa Copper project to serve as a test case for this model’s viability. 

• Be on the lookout for the full interview, which we will publish on Friday this week, to hear more from Pieter on CBE’s plans and market expansion strategy.

Our take

• The Kamoa Copper project will serve as a reference point, and if successful, could trigger a wave of similar projects across mineral-rich regions and could position the mining sector as the leading early adopter of solar-plus-storage baseload systems.

• CBE’s successful fundraises are a signal of investors' confidence in their business model. More partnerships with global climate funds and institutional investors are likely as the company demonstrates bankable success.

• With over 52% of African businesses still relying on diesel generators, rising fuel costs and supply risks make renewables increasingly attractive. Companies like CBE are expected to capture this transition, offering cheaper, cleaner, and more reliable replacements for diesel-powered backup.