Norfund and KLP, Norway’s largest pension company, will together invest USD 40 million in equity in CrossBoundary Energy (CBE), a developer, owner, and operator of commercial and industrial renewable energy systems in Africa. The investment will be made through the joint company KLP Norfund Investments.
The investment will allow CrossBoundary Energy to further scale its investments in renewable energy solutions for commercial and industrial businesses across Africa. The secured funding is in addition to USD40 million in equity invested in CrossBoundary Energy by ARCH Emerging Markets’ Africa Renewable Power Fund in 2020.
Asafo & Co. advised Norfund in this deal with a team that included Casablanca based partner, Patrick Larrivé (pictured), who was assisted by associates Martin Van Box Som and Christy Komba-Malongo, as well as associate Sayo Ogundele based in London.
White & Case advised CrossBoundary Energy and ARCH Emerging Markets.