CrossBoundary Energy (CBE) has raised US $40M in equity-like financing from a new partner, Impact Fund Denmark (IFDK), to accelerate the growth of its clean energy portfolio across Africa.
According to Thomas Hougaard, Managing Director and Co-Head of Green Energy and Infrastructure at IFDK, the partnership reflects the fund’s mission of advancing climate action while fostering development in vulnerable regions.
“This investment aligns with our primary objectives: tackling climate change, supporting poor and fragile regions, and fostering growth in Africa. By supporting CrossBoundary Energy, we are contributing to sustainable development, reducing carbon emissions, and improving the quality of life for communities across Africa. We also see significant growth opportunities on the continent, where innovative energy solutions can unlock economic potential and drive inclusive progress,” Hougaard said.
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Energy access
Energy access remains one of the most significant barriers to business growth on the continent, particularly in regions with weak or unreliable electricity grids. CBE’s model leverages solar PV and battery energy storage systems (BESS) to deliver reliable, clean power. Through flexible power purchase agreements (PPAs), businesses can adopt renewable energy solutions without upfront capital expenditure.
Pieter Joubert, President and Chief Investment Officer at CBE, highlighted the model’s benefits: “Our zero-CapEx approach lowers the barrier to entry for African businesses seeking stable, clean, and cost-effective power. Once companies’ balance sheets are freed up to invest in their core value-generating activities rather than power provision, they can reach and exceed their targets, unlocking further economic value in the regions in which they operate.”
CBE is currently developing Africa’s first solar and BESS baseload plant, secured through the continent’s largest commercial and industrial PPA with Kamoa Copper SA, the world’s fifth-largest copper mine in the Democratic Republic of the Congo. The project is expected to enhance the mine’s productivity while amplifying its regional economic impact.
Tom Roberts, Associate Principal at CBE, emphasized the role of IFDK in enabling the deal: “The investment from IFDK is crucial for CBE to provide its service offering to clients like Kamoa Copper. IFDK’s dedicated collaboration enabled us to successfully navigate cross-border legal complexities to close the transaction within 3 months. We look forward to an ongoing partnership with IFDK.”
The deal builds on a series of recent financing milestones for CBE. Earlier in 2025, Norfund doubled its investment to US $80M, following a US $140M senior debt raise from Standard Bank in late 2024 the first tranche of a US $300M mandate. In addition, the World Bank’s Multilateral Investment Guarantee Agency (MIGA) has extended a US $495M guarantee framework to shield CBE’s assets from transfer restrictions and currency risks. With the fresh backing from IFDK, CrossBoundary Energy is set to deepen its role in shaping Africa’s renewable energy landscape while providing businesses with the power stability needed to thrive.
