Solarcentury and CrossBoundary Energy join forces to boost solar uptake in African markets
Solar specialists Solarcentury and Energy investors CrossBoundary Energy have joined forces to offer financed solar solutions to a select portfolio of commercial and industrial customers operating in Africa.
The global rise of solar power as the lowest cost source of electricity is changing the energy landscape in Africa. Across the continent, solar power can help energy intensive businesses reduce their operating costs and compete more effectively in a global marketplace. The key features of a successful and viable solar project are first class engineering and well structured financing.
Businesses looking to purchase solar can now benefit simultaneously from the market leading expertise that both companies bring to the table. Solarcentury’s understanding of the technical challenges in integrating solar with an operating business and CrossBoundary’s experience of financing businesses operating in fast changing circumstances, combine to deliver a market ready viable solar solution to businesses in the region.
Dr Daniel Davies, Africa Director for Solarcentury commented “Solarcentury has been at the forefront of designing and building commercial scale solar PV plants in Sub-Saharan Africa. We have built the majority of commercial and industrial Solar PV plants in East Africa and we have seen businesses make considerable savings from day one of energising the PV plant. We now bring our substantial technical expertise and in partnership with CrossBoundary Energy, are able to provide a unique financing offer for any business in Africa.”
Matt Tilleard, Managing Partner at CrossBoundary Energy explained that “our objective at CrossBoundary Energy is to provide financing to the best solar developers in Africa who are serving corporate customers, so we’re excited to be working with Solarcentury to bring African businesses cheaper and cleaner power.” He added “Businesses are the major consumers of electricity in most African markets, by providing them cheaper power through a solar PPA we can actually save them money from day one while also reducing their carbon emissions.”
CrossBoundary Energy (CBE) is Africa’s first dedicated fund for commercial and industrial (C&I) solar and owner of the largest portfolio of financed C&I solar assets on the continent. Founded in 2015, it finances solar power purchase agreements and leases with C&I customers. CrossBoundary Energy’s portfolio includes the first commercial power purchase agreements in Kenya, Rwanda, and Ghana, and its project pipeline includes commitments from leading Fortune 500 multinationals operating in Africa. CBE’s partners include the US Government Power Africa Initiative, the Shell Foundation, the Overseas Private Investment Corporation (OPIC), the Blue Haven Initiative, Treehouse Investments, Ceniarth and multiple other private investors in the CrossBoundary Energy I fund. The CrossBoundary Energy team is based in Nairobi, Kenya.