Kenya-based Crossboundary Energy Access (CBEA), a mini-grid infrastructure fund, has raised $25 million from ARCH Emerging Markets Partners Limited, Bank of America, and Microsoft Climate Innovation Fund to back renewable energy projects across the continent.
The CBEA, a subsidiary of the investment group Crossboundary, said in a statement that the new funding will unlock an additional $25 million in senior debt, helping it secure capital to the tune of $50 million, which will also be used to finance near-term solar powered mini-grids.