Norfund invests a further US$40M in CrossBoundary Energy to support its expanding commercial and industrial energy portfolio

Norfund, the Norwegian investment fund for developing countries, has invested an additional US$40M in CrossBoundary Energy to further scale its African portfolio of commercial and industrial energy assets.

Norfund, the Norwegian investment fund for developing countries, has invested an additional US$40M in CrossBoundary Energy to further scale its African portfolio of commercial and industrial energy assets. The follow-on investment, which closed in December 2024, will double Norfund’s initial US$40M investment in CrossBoundary Energy in July 2022. Prior to Norfund’s investment, CrossBoundary Energy received US$40M investment from ARCH’s Africa Renewable Power Fund.

Over the past year, CrossBoundary Energy has successfully grown its awarded portfolio to around US$680M across 18 African countries, comprising 500 MW of solar, wind, and thermal assets and over 600 MWh of battery energy storage solutions. The portfolio features 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.

Muna Yuusuf, Associate Principal at CrossBoundary Energy, commented: "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."

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