Norfund Expands African Renewable Footprint with $40M

Key Figures & Findings: Norwegian investment fund Norfund has doubled its stake in CrossBoundary Energy (CBE) with a fresh $40 million injection, marking a significant step in expanding renewable energy solutions across Africa. This partnership has elevated CBE's green energy assets, spanning 18 countries with projects that include hybrid power plants, solar PV systems, and battery storage solutions. CBE currently partners with major global brands like Rio Tinto, Heineken, and Unilever, highlighting its pivotal role in powering sustainable growth across the continent.

Statistics & Insights: CBE’s renewable energy portfolio now includes 500 MW of solar, wind, and thermal operations, alongside over 600 MWh of battery energy storage. This expansion follows a previous $40 million investment from ARCH’s Africa Renewable Power Fund, further solidifying CBE’s role in the sector.

Future Implications: This expanded investment is expected to catalyze the growth of renewable energy projects, enhancing energy access for industries and supporting economic development across Africa. If successful, the collaboration between CBE and Norfund could inspire further international investment in Africa's clean energy infrastructure, driving significant progress by 2025.

Source: African Law Business