CrossBoundary Energy (CBE), a renewable energy developer based in Nairobi, has secured $40 million in equity-style financing led by Impact Fund Denmark.
The funding will allow the company to expand its clean energy infrastructure across African markets, focusing on integrated solar and battery storage systems tailored for businesses in regions with unreliable or limited electricity access.
CBE uses a zero-capital expenditure model, enabling corporate clients to switch to renewable energy through long-term power purchase agreements without the burden of upfront investment.
This approach tackles one of the biggest barriers to clean energy adoption in Africa, where many businesses need reliable power but face tight capital constraints.
Thomas Hougaard, Managing Director at Impact Fund Denmark, said the investment supports sustainable development, reducing carbon emissions, and improving quality of life across Africa.
The Danish fund’s participation underscores growing international interest in African renewable energy, particularly in models that combine profitability with social and environmental benefits.
CBE’s current flagship project highlights its ability to deliver large-scale solutions.
The company is building what it calls Africa’s first solar and battery baseload facility, backed by the continent’s largest commercial and industrial power purchase agreement with Kamoa Copper SA in the Democratic Republic of the Congo.
This project will supply stable electricity to the world’s fifth-largest copper mine, improving production efficiency and contributing to regional economic development.
It also demonstrates that renewable energy can meet the heavy power needs of industries traditionally reliant on fossil fuels.
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CBE’s renewable energy portfolio is valued at more than $285 million in solar assets.
The company operates around 24 projects across industries including mining, manufacturing, telecommunications, real estate, petrochemicals, and commercial sectors in Zimbabwe, Kenya, Sierra Leone, Nigeria, Egypt, and Ghana.
This spread across multiple sectors and regions positions CBE as a key player in Africa’s commercial and industrial clean energy market, Tech in Africa reports.
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Impact Fund Denmark, formerly known as Investment Fund for Developing Countries (IFU), rebranded to reflect its stronger focus on sustainable global development.
In 2024, it invested DKK 2.4 billion, an 80 percent increase from previous years, with projects in renewable energy, agriculture, forestry, healthcare, and financial inclusion.
These investments are expected to create 20,000 jobs and provide healthcare to 33 million people.
Since its establishment in 1967, the Danish state-owned development finance institution has invested about USD 3.64 billion in 1,300 companies across 100 countries in Africa, Asia, Latin America, and parts of Europe.
CBE is part of the broader CrossBoundary Group, which also operates CrossBoundary Access, a division focused on rural electrification through solar mini-grids.
This arm recently raised $25 million and plans to deploy $150 million over two years to bring clean energy to one million people in Africa.
By addressing both large-scale commercial power needs and rural electrification, the CrossBoundary Group is working to improve energy access across the continent.
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Image Credit: CrossBoundary Energy
