CrossBoundary Access has secured $10 million from AfDB/SEFA to extend clean energy access to one million people in rural Africa through solar mini-grids.

Target Company Overview

CrossBoundary Access is a pioneering blended finance facility focused on developing solar mini-grids in Africa. By leveraging innovative financial structures, CrossBoundary Access aims to unlock capital to deploy solar-powered mini-grids, facilitating access to electricity for the underserved rural populations. The organization has successfully raised $25 million from significant investors including ARCH Emerging Markets Partners Limited, Bank of America, and the Microsoft Climate Innovation Fund to expand its mini-grid pipeline.

With the recent commitment of $10 million from the African Development Bank (AfDB) through the Sustainable Energy Fund for Africa (SEFA), CrossBoundary Access is set to deploy approximately $150 million over the next three years, with the goal of reaching one million people. This initiative is crucial for interrupting the cycle of energy poverty in Africa by providing reliable, renewable electricity to communities that lack access.

Industry Overview in Africa

The solar mini-grid sector in Africa is an essential element of the continent's strategy to achieve universal energy access by 2030. According to the International Energy Agency (IEA), approximately 580 million people in Africa live wit