- The $40million equity investment will help to fund CrossBoundary expansion plans across Africa.
KLP Norfund has provided a $40million equity investment to African C&I developer CrossBoundary Energy. KLP Norfund is a joint company formed from a partnership between Norfund (the Norwegian Investment Fund for developing countries) and Norwegian pension company KLP. This fund will help CrossBoundary Energy to continue its expansion and scale its C&I businesses across Africa.
Kristoffer Valvik, Investment Manager at Norfund, notes that distributed renewables are critical to drive clean and sustainable growth of the commercial and industrial sector across Africa. “The cost savings offered by renewable energy, coupled with the reliability of battery energy storage systems, allows companies like CrossBoundary Energy to provide the business sector with immediate cost savings whilst significantly reducing their emissions and creating employment in the renewable energy sector,” he added
Aage Schaanning, Group Chief Financial Officer at KLP, stated: “We are pleased to support the further development of CrossBoundary Energy’s portfolio of distributed renewable energy systems and are confident that its strong business practices will boost sustainable economic development on the African continent.”