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.

ANA NEWS WIRE Disclaimer:
The African News Agency (ANA) is a news wire service and therefore subscribes to the highest standards of journalism as it relates to accuracy, fairness and impartiality.
ANA strives to provide accurate, well sourced and reliable information across Text, Images and Video. Where errors do appear, ANA will seek to correct these timeously and transparently.
The ANA platform also contains news and information from third party sources. ANA has sought to procure reliable content from trusted news sources but cannot be held responsible for the accuracy and opinions provided by such sources on the ANA platform or linked sites.
The content provided for on the ANA News Wire platform, both through the ANA news operation and via its third party sources, are for the sole use of authorised subscribers and partners. Unauthorised access to and usage of ANA content will be subject to legal steps. ANA reserves its rights in this regard.
ANA makes every effort to ensure that the website is up and running smoothly at all times, however ANA does not take responsibility for, and will not be held liable for times when the website is temporarily unavailable due to technical issues that are beyond our control.