The Emerging Africa & Asia Infrastructure Fund (EAAIF), managed by Ninety One, has pledged $45 million to CrossBoundary Energy to accelerate the deployment of renewable energy solutions across Africa.
The investment will support the expansion of solar, wind, hybrid energy systems, and battery energy storage systems (BESS) in regions well-suited for renewable energy projects.
CrossBoundary Energy, which specializes in providing clean energy to corporate and industrial clients, currently operates 25 projects valued at approximately $100 million. These include around 60 MW of generation capacity and 22 MWh of battery energy storage.
The company also has a pipeline of projects—either under construction, signed, or awarded—worth around $560 million, with plans to develop 440 MW of generation assets and over 570 MWh of battery energy storage.
This funding is part of a broader $300 million senior debt facility led and arranged by Standard Bank of South Africa. In the first tranche, Standard Bank has already underwritten $141.5 million, reinforcing the financial backing for these renewable energy initiatives.
Esther Chan, director at Ninety One, highlighted the importance of this investment, stating:
“Our contribution to CrossBoundary Energy Holdings represents a pivotal moment as EAAIF’s inaugural commercial and industrial energy investment in Africa. This investment complements the fund’s existing portfolio, which includes numerous utility-scale renewable energy projects. Through our partnership with CrossBoundary Energy, we aim to drive Africa’s clean energy transition and foster economic transformation by empowering job-creating industries. This investment underscores EAAIF’s capability to identify and finance infrastructure projects that enhance productivity and promote long-term development in key sectors that have the potential to reshape entire economies.”
Pieter Joubert, president and chief investment officer of CrossBoundary Energy, emphasized the rising demand for energy-as-a-service, particularly in the mining, telecommunications, and industrial sectors.
He stated:”The success of our current portfolio and future pipeline demonstrates that the demand for energy-as-a-service is at an all-time high. The contribution from EAAIF will play a crucial role in supporting our business by providing the necessary financing to further scale our portfolio. We are grateful to funders like EAAIF who share our commitment to advancing clean growth in Africa.”
