CrossBoundary Offers up Its Mini Grids Business Model for African Peers to Benefit
Nairobi-based financial services business Crossboundary Group has announced the successful exit of the CBE I fund it raised five years ago to drive commercial and industrial (C&I) solar projects in Africa.
The landmark was achieved in September, with a sale of the investments to recently established, London-based emerging markets energy fund, Africa Renewable Power Fund (ARPF) as part of a $40 million commitment by the ARPF to commercial solar projects. The ARPF is managed by London-based specialist investment advisor Arch Emerging Markets Partners.
With Arch – which was set up by London-based JCH & Partners LLP – having commissioned Crossboundary Energy Management to find and develop more C&I solar projects for the new fund, the Kenyan group has also announced plans by its mini grids unit to open up its approach to investing in local off-grid networks on an open-source basis.
Photo courtesy of andreas160578.