Norfund and KLP of Norway have invested $40 million in CrossBoundary Energy to develop renewable energy projects in Africa.
CrossBoundary invests in commercial and industrial properties.
KLP and Norfund collaborated on the investment through KLP Norfund Investments. KLP is the largest pension company in Norway. The joint fund is managed by Norfund.
The Norwegian investment, according to CrossBoundary president CIO Pieter Joubert, is “aligned with our vision that the corporate sector across Africa should be able to benefit from cheaper, cleaner, and more reliable power.” He stated that the company’s goal is to build a portfolio worth more than $300 million within five years.
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It now has projects worth $188 million for 30 companies in 14 countries. This includes 150 MWp of solar PV, 50 MWh of battery storage, and 12 MW of wind assets.
According to Norfund investment manager Kristoffer Valvik, “distributed renewables are playing a crucial role in supporting clean and sustainable growth in Africa’s commercial and industrial sectors.”
Renewable energy and batteries offer businesses “instant cost savings while considerably lowering emissions and creating employment in the renewable energy sector.”
ARCH Emerging Markets invested a comparable amount in CrossBoundary in 2020 through its Africa Renewable Power Fund (ARPF).
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William Barry, managing director of ARCH ARPF, praised CrossBoundary’s success after the investment.
The company’s portfolio has grown “ten-fold over the last two years. CrossBoundary Energy has established itself as a pioneer and clear market leader in the commercial and industrial renewable energy sector across Africa, and we look forward to supporting the next phase of growth enabled by Norfund and KLP’s investment.”
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh