How Norfund’s $40M Investment Will Power 100,000 African Businesses at Half Cost

Norfund, the Norwegian Investment Fund for developing countries, has recently announced an additional investment of USD 40 million in CrossBoundary Energy (CBE), a leading provider of renewable energy solutions in Africa.

This follow-on investment, finalized in December 2024, doubles Norfund’s initial USD 40 million commitment made in July 2022.

The increased funding aims to support the rapid expansion of CBE’s commercial and industrial renewable energy portfolio, which has now grown to approximately USD 680 million across 18 African nations.

CrossBoundary Energy’s portfolio consists of 500 megawatts (MW) of solar, wind, and thermal energy assets, along with over 600 megawatt-hours (MWh) of battery storage solutions.

The projects include large-scale hybrid power plants for mining operations, rooftop and ground-mount solar photovoltaic (PV) systems for industrial clients, and distributed solar PV and battery power setups for telecommunications sites.

Muna Yuusuf, Associate Principal at CrossBoundary Energy, emphasized the significance of Norfund’s investment, stating that it represents a strong vote of confidence in CBE’s ability to meet the growing demand for affordable, clean, and reliable power. This demand is critical for powering sustainable growth in key industries and economies across Africa.

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Rivhatshinyi Mandavha, Senior Investment Manager at Norfund, highlighted the rising demand for clean energy across Africa.

He noted that CrossBoundary Energy is a leading provider of renewable energy solutions, well-positioned to enhance clean energy capacity and drive job creation across the continent.

Headquartered in Mauritius, CrossBoundary Energy operates in 18 African countries, serving major corporations such as Rio Tinto, Unilever, Diageo, Heineken, and the Devki Group.

The company’s renewable energy solutions are designed to deliver cost-effective, sustainable power, helping businesses lower operational costs and carbon emissions while driving industrial growth across the region.

The additional investment will enable CrossBoundary Energy to adopt cutting-edge technologies in renewable energy, improving the efficiency and reliability of its services.

This technological advancement will help the company maintain a competitive edge in the market.

Furthermore, Norfund’s strengthened financial commitment will provide the necessary capital to undertake larger projects and explore new opportunities in the renewable energy sector.

Norfund’s investment in CrossBoundary Energy is set to play a role in accelerating Africa’s transition to renewable energy.

By enhancing energy access, creating jobs, and promoting sustainable development, this partnership is expected to have a lasting impact on Africa’s energy future.

As the continent continues its shift toward sustainable mobility and energy independence, investments like this showcase the potential for transformative change driven by strategic partnerships and innovation.