CrossBoundary Energy, a Nairobi-based firm that funds industrial and commercial solar installation ventures across East Africa, has received a 600 million shillings investment from U.S. firm, Overseas Private Investment Corporation (OPIC).
Ray Washburne, head of OPIC said the funds will enable CrossBoundary Energy to implement six projects at various corporate sites in Kenya, Rwanda and Ghana producing a total of 5.75 megawatts.
He said “we are pleased to be supporting them to expand the provision of cleaner and cheaper power that helps African enterprises grow and bolsters the mission of Power Africa”.
Matthew Tilleard, CrossBoundary co-Managing Partner commended OPIC’s commitment. He revealed the fund will help the selected companies reduce reliance on the national grid and access affordable solar power that is environmentally friendly.
According to Tilleard, “a lack of reliable and affordable power is holding back private sector-led development in manufacturing and other large industries in Africa”.
CrossBoundary Energy funds the full installation of the solar equipment and manages the same for their clients who sign long-term solar power purchase agreements, without contributing upfront investment or taking technical risk on construction and maintenance.
The firm, which currently employs 50 people at its various offices in Nairobi, Bamako (Mali), Johannesburg (South Africa), Lagos (Nigeria), Dubai (UAE), New York and Washington, D.C, has 28.8 MW solar power projects at various sites under operation or construction, with the bulk of their projects situated across Africa.