Crossboundary Raises $25 Million for Renewable Energy Projects
The funding was raised from ARCH Emerging Markets Partners limited, Bank of America, and Microsoft Climate Innovation Fund. In this round, the ARCH made $10 million equity investment as Microsoft and Bank of America injected $15 million mezzanine financing— a debt that can be turned into equity. The fund, which was set up in 2019 with the initial backing of the…
Crossboundary, (CBEA) a Kenya-based Energy Access has raised $25 million to finance solar-powered minigrids across Africa.
The funding was raised from ARCH Emerging Markets Partners limited, Bank of America, and Microsoft Climate Innovation Fund
In this round, the ARCH made $10 million equity investment as Microsoft and Bank of America injected $15 million mezzanine financing — a debt that can be turned into equity.
Crossboundary says it will use the new funding to unlock an additional $25 million in senior debt, helping it secure capital to the tune of $50 million, which will also be used to finance near-term solar powered mini-grids.
The fund, which was set up in 2019 with the initial backing of the Rockefeller Foundation, Ceniarth, DOEN Foundation, Shell Foundation and UK Aid, plans to inject $150 million in solar projects over the next two years.
The CBEA has worked with a number of solar companies in Nigeria, Kenya, Ghana, and Rwanda, including Topec, Solar Africa, Power Gen, Centennial, solar century and soventix to deploy multiple solar mini-grids.
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