The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, has committed $45 million to CrossBoundary Energy Holdings to bolster clean energy development across Africa.
Strengthening Africa’s Renewable Energy Sector
Esther Chan, Director at Ninety One and fund manager of EAAIF, highlighted the significance of the investment. “This marks EAAIF’s first commercial and industrial energy investment in Africa, complementing our support for large-scale renewable projects. Our partnership with CrossBoundary Energy reflects our shared goal of accelerating Africa’s clean energy transition and economic transformation.”
EAAIF’s investment will drive the expansion of solar, wind, hybrid energy, and battery energy storage systems (BESS) in regions where reliable and affordable power is essential for business growth.
Part of a Larger Financing Strategy
This investment is part of a $300 million senior debt facility led by Standard Bank of South Africa, which recently underwrote $141.5 million for the facility’s first tranche.
CrossBoundary Energy (CBE) has been a pioneer in financing distributed solar solutions for African businesses, operating in nine countries, including Nigeria, Somalia, Sierra Leone, and Madagascar. Its diversified portfolio helps mitigate macro risks and enhance energy security.
Expanding Energy Access and Reducing Emissions
CBE currently operates 25 renewable energy projects valued at approximately $100 million, with 60 MW of generation assets and 22 MWh of BESS. The company also has a pipeline of projects worth $560 million, including 440 MW of generation assets and 570 MWh of BESS.
EAAIF’s investment will support CBE’s expansion in critical sectors like manufacturing and telecommunications, significantly reducing emissions in energy-intensive industries.
Addressing Africa’s Energy Challenges
In sub-Saharan Africa, unreliable electricity supply hampers industrial efficiency and economic growth. Nigeria alone loses an estimated $26 billion annually due to power shortages. By financing renewable energy infrastructure, EAAIF aims to improve business sustainability and drive decarbonization efforts.
The investment aligns with PIDG’s broader mission to mobilize public and private capital for climate and infrastructure projects. EAAIF plans to deploy over $1 billion in debt capital to transformative projects across Asia and Africa by 2028.
Driving Clean Energy Growth
Pieter Joubert, President and Chief Investment Officer of CrossBoundary Energy, emphasized the growing demand for energy-as-a-service. “The success of our current portfolio underscores the need for clean energy solutions in industries like mining, telecommunications, and manufacturing. EAAIF’s support will accelerate our expansion and further our mission to drive clean growth in Africa.”
RELATED POSTS:
Pele Energy Secures $30M Investment from Nedbank and Norfund to Expand SA Renewables
Don’t Miss KEY 2025 – The Ultimate Energy Transition Expo Happening Now!
Nigeria and UN Launch $500 Million Fund to Boost Local Solar Energy Developers
