CrossBoundary Energy C&I Africa Portfolio
Project Description
This summary describes an application by CrossBoundary Energy Holdings (CBE) of Mauritius (and/or any of its group holding companies, subsidiaries, or affiliates) for its portfolio of equity, quasi-equity and shareholder loan investments in its subsidiaries in eighteen African countries for the development of distributed renewable energy projects for commercial and industrial (C&I) off-takers. CBE is an Energy-as-a-Service (EaaS) company dedicated to the development and investment of renewable energy (solar, wind and battery storage) investments in Africa. CBE seeks cover for its portfolio of investments of up to US$ 495 million against the risk of transfer restriction and currency inconvertibility for a guarantee period of up to 20 years.
CBE’s investments are implemented through its local subsidiaries and consist of the ownership, design, development, construction, financing, acquisition, operation, and maintenance of distributed renewable energy and energy storage systems, along with associated infrastructure and services, for commercial and industrial (C&I) customers in various African countries. The portfolio of investments are at different stages of development (e.g. operations, construction, development, pipeline), with an estimated 100+ investments to be made across Africa over the next four to five years.
As of January 2025, CBE had a cumulative awarded portfolio of US$ 680 million aggregating to approximately 500 MW of solar, wind and thermal assets and over 600 MWh of battery energy storage solutions across 18 African countries. CBE’s investments include large-scale renewable energy solar photovoltaic (PV) hybrid power plants, wind farms, battery energy storage systems (BESS), and in some cases may also include back-up diesel generation and energy transmission infrastructure.
Environmental Categorization
The Project has been categorized as category A under the MIGA’s Policy on Environmental and Social Sustainability. The environmental and social review summary (ESRS) will be disclosed at least 60 days in advance.
The ESRS can be accessed below:
Development Impact
The transaction aligns with the strategic objectives outlined in the Country Partnership Frameworks / Strategies (CPF/CPS) for each of the host countries. It provides commercial and industrial consumers with affordable, clean, and reliable power, essential for private sector development and competitiveness in industrial sectors in African economies. Affordable electricity supports value-added activities, employment, foreign exchange earnings, and global value chain integration.
CBE’s renewable energy solutions offer cost savings and stable power compared to traditional sources (such as diesel generators and unreliable grids), addressing issues of poor power quality, fuel supply disruptions, high costs, and pollution. These challenges affect operational hours, production, competitiveness, profitability, and employment levels.
Distributed renewable energy solutions improve electricity reliability and quality, lower energy supply costs, reduce noise and air pollutants, and decrease greenhouse gas emissions. This contributes to enhanced operational efficiency, reduced environmental footprint, and the achievement of decarbonization targets. These solutions also increase local business resilience and competitiveness, supporting industrial productivity, job creation, and national climate goals.
MIGA’s support of this project will be key to mobilizing private investment towards supplying C&I off-takers with lower cost energy supply with improved reliability, in particular in IDA and FCS countries.