Renewable energy developer, CrossBoundary Energy (CBE), will step up deployment of PV and battery energy storage systems (BESS) across Africa after securing about R740 million from Impact Fund Denmark. The funding will support CBE’s zero CapEx power purchase agreement (PPA) model, which allows mines and businesses to access renewable power without upfront investment.
CBE is currently building Africa’s first solar and storage baseload plant under a landmark PPA with Kamoa Copper in the Democratic Republic of the Congo. The project will supply renewable electricity to one of the world’s largest copper mines, improving output while cutting carbon emissions.
“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 activities rather than power provision, they can reach and exceed their targets, unlocking further economic value in the regions in which they operate,” says CBE’s President and Chief Investment Officer Pieter Joubert.
The deal adds to a series of recent financing that reflects growing investor confidence in Africa’s commercial and industrial renewable sector. Earlier this year, Norfund doubled its investment in CBE to about R1,5 billion following a senior debt close of roughly R2,6 billion with Standard Bank in 2024 as part of a R5,6 billion mandate. The World Bank’s Multilateral Investment Guarantee Agency has also approved a R9,2 billion guarantee framework to protect CBE’s projects.
