Grace Ashiru
Kenya Cross-boundary Energy Access, a mini-grid infrastructure fund, raises $25 million from Microsoft Climate Innovation Fund,Emerging Markets Partners Limited and Bank of America assist with renewable energy projects in Africa.
Crossboundary Energy Access, a division of investment firm Crossboundary, has announced that it will receive $25 million in new funding to help it meet its goal of securing $50 million to finance solar-mini-grids projects.
The fund was started in 2019 with money from Ceniarth, ShellFoundation, Uk Ai, Shell Foundation,DOEN Foundation and The Rockefeller Foundation and they intend to invest a total of $150 million in solar development initiatives over the next 2 years.
The managing director of CBEA, Humphrey Wireko, said, “It is a key step for CrossBoundary Energy Access to get the private and public funding it needs to grow the mini-grid industry.”We’re excited to get this money to make projects with us happen and to use distributed renewable assets to power businesses in Africa.
75% of the population in the world lives in Sub -Saharan regions in Africa, and they don’t have access to electricity. Burundi, South Sudan, Malawi, Chad, Tanzania, Madagascar, and Burkina-Faso are some countries with very poor electricity. They could benefit from renewable energy sources like wind and solar.
“We know distributed renewables, like mini-grids, constitute an important part of Africa’s energy future. The CBEA has devised a smart way to get money into the sector. “William Barry, head of ARCH Emerging Markets Partners Limited’s said. In ARCH ARPF, our goal is to collaborate with a capable management board and make investments in business designs that can be scaled up and offer clients various desirable options. We hope to be a part of their development as a company.”
Several companies, including solar century, set up the Solar mini-grid Solar Africa, Soventix, Centennial, PowerGen, and Topic. They worked with Cross-Boundary Energy Access Kenya to set it up in Rwanda, Ghana, and Nigeria.
