Renewables independent power producer CrossBoundary Energy (CBE) has clinched a $40mn equity-like capital investment from Impact Fund Denmark (IFDK), it said on August 18.

The investment will help it scale its portfolio of clean energy projects in Africa.

CBE President and CIO Pieter Joubert commented:

“Our zero-capex model lowers the barrier to entry for African businesses seeking stable, clean, and cost-effective power. Once companies’ balance sheets are freed up to invest in their core value-generating activities rather than power provision, they can reach and exceed their targets, unlocking further economic value in the regions in which they operate.”

The group has about 24 projects at mining, commercial, manufacturing, telecoms, real estate and petrochemical sites across Africa, including in Zimbabwe, Kenya, Sierra Leone, Nigeria, Egypt, Ghana, Nigeria, Madagascar, and Mozambique.

CBE is building the first solar/battery energy storage system baseload plant in Africa after it signed what it said is the continent’s largest commercial and industrial power purchase agreement with Kamoa Copper SA, the world’s fifth-largest copper mine in the Democratic Republic of the Congo (DRC).

Thomas Hougaard, Managing Director and Co-Head of Green Energy and Infrastructure at IFDK, said the group's investment in CBE aligns with its primary objectives of tackling climate change, supporting poor and fragile regions, and fostering growth in Africa.

"By supporting CrossBoundary Energy, we are contributing to sustainable development, reducing carbon emissions, and improving the quality of life for communities across Africa. We also see significant growth opportunities on the continent, where innovative energy solutions can unlock economic potential and drive inclusive progress,” he said.

Earlier this year, Norfund doubled its investment in CBE to $80mn, following a $140mn senior debt close from Standard Bank at the end of 2024, as the first tranche of a $300mn senior debt mandate. The company also recently secured a $495mn guarantee framework from the World Bank’s Multilateral Investment Guarantee Agency to protect the firm’s assets from transfer restriction and currency inconvertibility.