CrossBoundary Energy, a developer, owner, and operator of distributed renewable energy, has secured a $40 million equity-like capital investment from Impact Fund Denmark. The funding will help the company expand its portfolio of clean energy projects in Africa.
Currently, the company is constructing a solar/BESS baseload plant in Africa after signing a commercial and industrial PPA with Kamoa Copper SA, a copper mine in the Democratic Republic of the Congo. Providing renewable energy to the mine is expected to bolster the mine’s output and increase its economic impact in the region.
Earlier this year, Norfund doubled its investment in CrossBoundary Energy to $80 million, following a $140 million senior debt close from Standard Bank at the end of 2024, as the first tranche of a $300 million senior debt mandate.
The company also recently secured a $495 million guarantee framework from the World Bank’s MIGA. The framework is designed to accelerate the deployment of distributed renewable energy projects throughout Africa.
“Our zero-CapEx model 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,” said Pieter Joubert, President and Chief Investment Officer at CrossBoundary Energy.
According to Mercom’s 1H 2025 Solar Funding and M&A report, VC funding activity decreased 7% year-over-year, with $2.5 billion raised in 32 deals in 1H 2025 compared to $2.7 billion from 29 deals in the first half of 2024.
In April, RayGen Resources, a developer of utility-scale solar and long-duration energy storage, raised A$127 million (~$76 million) in a Series D funding round. The funding round was led by a technology company, SLB, with A$31 million (~$19 million) follow-on investment along with the execution of a RayGen-SLB Strategic Deployment Agreement, designed to accelerate the technology’s path to the global energy market.
