CrossBoundary Energy secures $140m to scale African renewable-energy portfolio
Standard Bank Energy and Infrastructure, Corporate and Investment Banking senior VP Jeanne-Marie Fatti
Mauritius-headquartered CrossBoundary Energy, which provides financed renewable-led power solutions to African enterprises, has secured a $140-million senior debt commitment from Standard Bank of South Africa on a fully underwritten basis.
Its current awarded portfolio comprises $570-million of projects across 18 African countries, with 330 MW of solar and wind assets and 178 MWh of battery energy storage solutions.
CrossBoundary Energy says the latest transaction highlights the potential role of commercial funders in supporting the adoption of renewable-energy solutions by businesses across Africa.
The financing is being undertaken as a first tranche within a broader mandate with Standard Bank, which has been appointed to lead and arrange up to $300-million senior debt to support the scaling of CrossBoundary Energy’s renewable-energy portfolio serving commercial and industrial clients across Africa.
CrossBoundary Energy was supported by Cygnum Capital acting as exclusive financial adviser and by Bracewell as borrower’s counsel.
Trinity International acted as lenders’ counsel on the transaction.
“There is a growing need for innovative energy solutions in Africa. Companies like CrossBoundary Energy are addressing this block holistically through energy systems that are financed, distributed, and led by renewables. Standard Bank is committed to supporting pioneers like CrossBoundary Energy on their growth trajectory,” says Standard Bank Energy and Infrastructure, Corporate and Investment Banking senior VP Jeanne-Marie Fatti.
“Scalable, affordable infrastructure financing solutions are a catalyst to unlock reliable and affordable power access for businesses on the continent. Our partnership with Standard Bank will allow us to expand and accelerate energy-as-a-service to African customers, ultimately improving the sustainability and competitiveness of businesses across Africa,” posits CrossBoundary Energy president and CIO Pieter Joubert.
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