By Abbas Nazil
CrossBoundary Energy (CBE), a Nairobi-based renewable energy developer, has secured $40 million in equity-style financing from Impact Fund Denmark to expand clean energy infrastructure across African markets.
The funding will accelerate deployment of solar and battery storage systems for businesses operating in areas with unreliable or insufficient electricity supply.
CBE’s unique zero-capital expenditure model allows companies to access renewable power through long-term purchase agreements, eliminating the burden of high upfront investment.
This investment addresses a major barrier for African businesses seeking stable electricity, as capital constraints often prevent adoption of renewable solutions despite urgent energy demands.
Thomas Hougaard, Managing Director at Impact Fund Denmark, said the deal aligns with goals of reducing emissions, driving sustainable development, and improving lives across the continent.
CBE is currently building what it describes as Africa’s first solar and battery baseload facility in partnership with Kamoa Copper SA in the Democratic Republic of the Congo.
The project will provide reliable electricity to one of the world’s largest copper mines, highlighting renewable energy’s potential for industrial sectors traditionally reliant on fossil fuels.
The company has already assembled a renewable energy portfolio worth more than $285 million, covering about 24 projects across Africa in mining, manufacturing, telecommunications, real estate, and petrochemicals.
Its presence spans countries including Kenya, Zimbabwe, Nigeria, Egypt, Sierra Leone, and Ghana, giving it broad geographic and sectoral influence.
Impact Fund Denmark’s participation demonstrates growing global investor interest in Africa’s renewable energy landscape, particularly in models combining financial sustainability with development impact.
Formerly known as the Investment Fund for Developing Countries, the Danish institution rebranded to strengthen its focus on sustainability.
In 2024, it invested DKK 2.4 billion, 80 percent higher than previous levels, targeting renewable energy, agriculture, health, and financial inclusion, with projections of creating 20,000 jobs and healthcare access for 33 million people.
Established in 1967 and owned by the Government of Denmark, the fund has invested in 1,300 companies across 100 countries, with commitments totaling USD 3.64 billion.
Its latest move into Africa’s renewable sector deepens its commitment to high-impact development solutions.
CBE operates under the wider CrossBoundary Group, which also manages CrossBoundary Access, a division focused on rural electrification through mini-grids.
That unit recently raised $25 million and aims to deploy $150 million within two years to connect one million Africans to clean energy via solar mini-grids.
Through this dual strategy, CrossBoundary seeks to provide renewable energy both for industrial giants and underserved rural communities, positioning itself as a key driver of Africa’s clean energy transition.
