Norfund and KLP invest equity in CrossBoundary Energy

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Norway’s DFI and a Norwegian pension fund are investing equity in CrossBoundary Energy, a developer, owner, and operator of commercial and industrial (or C&I) renewable energy systems across Africa. The $40 million investment is being made via KLP Norfund Investments, a joint venture between Norfund and KLP, the pension fund for Norway’s municipal employees which has more than €88 billion under management.

CrossBoundary Energy will use the capital for its expansion plans. These include scaling its operations and activities across the continent, adding to its $188 million project portfolio made up of 150 MWp of solar PV assets, 50 MWh of battery energy storage assets, and 12 MW of wind assets supplying 30 corporate customers with clean energy. Many are household names around the world such as Unilever, Diageo, Rio Tinto, Heineken, and AB InBev. The firm aims to increase the value of its portfolio of renewable energy assets to $300 million over the course of the next 5 years.

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