CrossBoundary fund to invest USD 25m in commercial solar in Africa
Dec 9, 2015 17:43 CET
December 9 – Investment firm CrossBoundary has unveiled plans to invest USD 25 million (EUR 22.8m) in the next 18 months to help businesses in Africa go solar.
This week it announced the first close of CrossBoundary Energy Fund I, having raised USD 8 million in equity. After debt leverage, the fund intends to invest a total of over USD 25 million in commercial and industrial solar assets.
CrossBoundary says that solar power is now a cheaper and cleaner source of energy in Africa, where economic growth is stifled by expensive and unreliable electricity. Adoption, however, is low due to the absence of financed solar solutions that are available in markets such as the US, according to the announcement. The firm said it was bringing to Africa the model where the financier builds the solar asset and the customer, instead of paying upfront, enters into a long-term power purchase agreement (PPA).
The fund will make investments through SolarAfrica, a platform that provides solar installers a fully financed “PPA in a box” to offer customers, CrossBoundary said. The platform combines CrossBoundary’s financing with technical oversight and asset management services from NVI Energy.
The fund targets projects above 100 kWp that serve commercial and industrial customers. Its first major investment is an 858-kWp solar installation at the newly opened Garden City Mall in Nairobi.
(USD 1.0 = EUR 0.912)
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