March 06 2025

CrossBoundary Energy gets $45m in debt funding

March 07, 2025

CrossBoundary Energy gets $45m in debt funding

Renewable energy company CrossBoundary Energy has secured $45 million in debt funding from the Emerging Africa & Asia Infrastructure Fund (EAAIF), a blended infrastructure fund. This funding will support its expansion to target more commercial and industrial (C&I) customers with solar, wind, and battery storage solutions.

  • The funding marks their second successful raise in 2025, bringing their total capital raised this year to $85 million. In January, the company secured $40 million from the Norwegian Investment Fund (Norfund).

  • CrossBoundary Energy operates in 18 African countries and has a portfolio of around $680 million in awarded, signed, in-construction, and operating energy assets. Its projects include 500 MW of solar, wind and thermal assets and over 600 MWh of battery energy storage solutions.

  • Our take: The successive funding rounds for CrossBoundary Energy are a show of growing confidence investors have in the C&I market in Africa… Read more (2 min)

South African lender Nedbank and Norway’s Norfund have acquired a minority stake in Pele Energy Group, injecting $31m to accelerate solar and battery projects. The deal follows a $135m structured loan, positioning Pele to target $108 - 162 million in additional funding by 2027 amid South Africa’s coal-to-renewables transition.

  • Demand for reliable and clean electricity is high in South Africa as companies rush to ditch the fossil-fuel-powered national grid. Investors are seeing great potential in the market and are moving fast to get a share of it.

  • This is not just a trend in South Africa but a global one. Just this week, TotalEnergies acquired a 51% stake in Scatec's hydropower assets in Uganda, Malawi, DRC, and Rwanda.

  • Our take: Africa’s renewable energy boom is set to attract more investment, and small companies will be absorbed through mergers and acquisitions… Read more (2 min)

For a long time, commercial banks in Africa have shied away from investing in renewables, citing either a lack of capital or perceived risks. Multilateral financing institutions, such as the World Bank and AfDB, have been the primary funders. Now, more commercial banks are investing in renewables

  • Our February 2025 funding data shows that local and international banks provided over $2.4 billion in funding for renewables. South African banks Investec and RMB, in particular, funded a wind project by SolarAfrica with over $96 million.

  • Though the sector still gets significant funding from development finance institutions. German development bank KfW, the European Union, and British International Investment contributed over $1.2 billion in debt funding to de-risk renewable projects.

  • Our take: The renewables market in Africa is no longer as risky as banks initially perceived. Those who have invested in the sector have seen returns… Read more (2 min)

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A solar installer poses for a photo at the Gold Solar Plant under construction in Windhoek, Namibia

Events

📅 Attend  Congo’s Energy & Investment Forum (Mar 26)

📅 Learn energy investments at the ARE Energy Access Investment Forum 2025 (Apr 8)

📅 Register for the 4th Electricity Wheeling Conference (Apr 16)

Jobs

💼 Apply to be Sun King’s Area Business Manager (Nigeria)

🖧   Lead Engie’s Service Network Team (Kenya)

🎓 Become Schneider Electric’s next Replenishment Specialist (Egypt)

Various

⚡ REEEP is funding private-sector clean energy and agribusinesses in Tanzania

💸 The Ecobank Group expands access to financing for Africa’s women entrepreneurs

💡 Rural Electrification Agency of Nigeria requests proposals for Energizing Education Programme Phase II

Seen on LinkedIn 

Simon Howard, Recruitment Consultant at Leap29, says, “AI is no longer just a tool — it’s becoming a key component of clean energy infrastructure.”

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