Norfund invests $40M in CBE’s C&I renewables portfolio in Africa

Norwegian investment fund for developing countries, Norfund, is investing US$40 million in CrossBoundary Energy (CBE) for the company to further scale its portfolio of commercial and industrial (C&I) energy assets in several countries in Africa. The investment, which was closed in December 2024, is a follow-on investment following Norfund’s initial investment of US$40 million CBE’s renewables portfolio in July 2022.

CBE’s C&I energy portfolio spans across 18 African countries, comprising 500 MW of solar, wind, and thermal assets and over 600 MWh of battery energy storage solutions. The portfolio has an estimated value of around US$680 million.

CBE’s portfolio includes large-scale renewable-led hybrid power plants for mines, rooftop and ground-mount solar PV plants for industrial clients, and distributed solar PV and battery power solutions for telecommunications sites.

Norfund’s investment in CBE’s renewable energy business comes at the back of an investment from ARCH’s Africa Renewable Power Fund. The funds will enable CBE to further expand its C&I focused renewable energy business on the continent.

“Norfund’s investment signifies a strong vote of confidence in CBE’s capability to meet the increasing demand of commercial and industrial customers for affordable, clean, and reliable power – the backbone of powering sustainable growth in key industries and economies across Africa,” said Muna Yuusuf, Associate Principal at CrossBoundary Energy (CBE).

CrossBoundary Energy (CBE) is broadening its reach across the African continent, with the company boasting a client base that includes industry leaders such as Rio Tinto, Unilever, Diageo, Heineken, the Devki Group, and IHS Africa.

“The need for innovative energy solutions in Africa is growing rapidly. CrossBoundary Energy is a leading provider of solutions that are poised to bolster clean energy capacity and job creation on the continent.” said Rivhatshinyi Mandavha, Senior Investment Manager at Norfund.