CrossBoundary Energy Access raises $25 million to finance solar-powered minigrids in Africa
CrossBoundary Energy Access (CBEA) has raised $25 million from ARCH Emerging Markets Partners, Bank of America, and Microsoft Climate Innovation Fund to finance the development of solar minigrids in Africa.
CBEA lets loose first $5.5 million for 60 minigrids in Tanzania
Crossboundary Energy Access (CBEA) was established in January with large investment contributions from Rockefeller and Shell Foundations. The funding facility, which said it would work to unlock $11 billion in funding for the electrification of 100 million people in Africa, has penciled its first transaction with PowerGen Renewable Energy.
Shell Foundation and Rockefeller support $11bn African mini-grids fund
Crossboundary Energy Access – which claims to be the continent’s first mini-grid financing facility – wants to unlock $11 billion in private capital to bring energy to 100 million people in sub-Saharan Africa. Raising capital has been a struggle despite mini-grids being lauded as a solid solution for electrification.
