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.”
May 26 - May 27, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Mar 09 - Mar 11, 2021
Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability. This event will be run online with streamed content and online networking.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.