Key Takeaways
- CrossBoundary Access has received a $10 million investment from the International Finance Corporation (IFC) to enhance renewable energy in Sub-Saharan Africa.
- The funding will expand the company’s mini-grids, battery-as-a-service solutions, and other clean energy projects to serve more underserved regions.
- This investment supports ongoing projects in Nigeria and Madagascar and aims to reach one million people with reliable electricity.
Investment to Boost Renewable Energy Access
CrossBoundary Access has secured a significant $10 million equity investment from the International Finance Corporation (IFC), part of the World Bank Group. This funding aims to accelerate the company’s efforts in expanding distributed renewable energy infrastructure across Sub-Saharan Africa.
The investment will enhance CrossBoundary Access’s initiatives, including the development of mini-grids and battery-as-a-service (BaaS) solutions, which focus on improving electricity access in underserved communities. IFC’s contribution is part of a larger consortium of institutional investors, including ARCH Emerging Markets Partners, Bank of America, the Microsoft Climate Innovation Fund, and the African Development Bank’s Sustainable Energy Fund for Africa (SEFA). This financing is further bolstered by the Global Energy Alliance, an initiative supported by the Rockefeller Foundation.
The new capital will significantly advance CrossBoundary’s mission of providing clean and dependable electricity to one million people in Africa. Currently, the company serves over 170,000 individuals in Nigeria and Madagascar, collaborating with partners such as Ignite Energy Access, Mobile Power (MOPO), and ANKA.
The investment will not only extend support for ongoing operations in Nigeria and Madagascar but also facilitate entry into additional markets across Sub-Saharan Africa. CrossBoundary Access’s Managing Director, Humphrey Wireko, stated that this investment strengthens the company’s capacity to scale distributed energy solutions and broaden access to reliable electricity for both households and businesses.
Furthermore, IFC officials emphasized the pivotal role of mini-grids in improving energy access in rural and underserved areas, which aligns with global initiatives like Mission 300 aimed at enhancing electricity access throughout Africa. Gabriel Davies, another Managing Director at CrossBoundary Access, noted that IFC’s involvement signals growing confidence in mini-grid financing models and will aid in unlocking further investments to expand electrification efforts across the continent.
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