Africa’s ‘first’ C&I solar funds get US$6 million from OPIC

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The finance will be used for six projects totalling 5.75MW. Credit: IBC Solar.

The US government's Overseas Private Investment Corporation (OPIC) has provided US$6 million of debt for a commercial and industrial scale solar fund.

CrossBoundary Energy provides zero upfront solar for businesses in Africa who then sign long-term power purchase agreements (PPAs) with it. The funds will be used for six projects with a total capacity of 5.75MW. So far it has a pipeline of completed or contracted assets of 28.8MW, all in Sub-Saharan Africa.

“A lack of reliable and affordable power is holding back private sector-led development in manufacturing and other large industries in Africa,” said Matthew Tilleard, co-managing partner, CrossBoundary Group. “This commitment from OPIC provides us with additional, affordable financing that in turn allows companies across Sub-Saharan Africa to benefit from affordable solar that delivers energy savings, business growth and a lower carbon footprint.”

In a recent blog for PV Tech, solar consultant Dr Thomas Hillig revealed his firm's top C&I projects in Africa across the most attractive off-taker verticals.

“By offering PPAs, CrossBoundary Energy takes complete responsibility for project financing, delivery, and management of technical risk of the solar project,” said Jake Cusack, co-managing partner of the CrossBoundary Group. “During the contract term, we can also provide storage, energy efficiency, and electricity generation upgrades for our clients, ensuring businesses maintain fully-optimized energy systems to fuel their long-term growth.”

Read Next

January 21, 2022
US solar installer SunPower is to be hit by a cracking issue discovered in connectors associated with equipment installed in some commercial and industrial (C&I) projects, resulting in charges of around US$31 million.
PV Tech Premium
January 21, 2022
Greece is on track to accelerate solar deployment in the coming years, with the sector boosted by rising demand for renewable offtake agreements from corporations and clean energy policies from the EU, according to the general manager of Greek industrial group Mytilineos’s renewables business.
January 20, 2022
Independent power producer (IPP) Cordelio Power has secured a 900MWac pipeline of solar projects in New York and Pennsylvania from project developer SunEast Renewables.
January 19, 2022
Innovative Solar Systems (ISS), a utility-scale solar developer with a 12GW pipeline, has put itself up for sale, as it seeks partners to support the company in its development of ever larger PV projects across the US.
January 19, 2022
US solar developer 8minute Solar Energy has closed US$400 million in financing from institutional investor EIG to bolster its US solar PV and energy storage pipeline.
PV Tech Premium
January 18, 2022
Solar project developer Eco Energy World is aiming to “aggressively” grow its US PV pipeline after formally entering the market last week and intends to replicate the cheaper engineering, procurement and construction (EPC) costs it sees in Europe in the country. PV Tech Premium speaks to CEO Svante Kumlin to find out more.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal