CrossBoundary Energy Fund I Reaches a US$8 Million First Close (Sub-Saharan Africa)
Investment and economic advisory firm CrossBoundary has reached a first close on CrossBoundary Energy Fund I with US$8 million in capital commitments. The fund, which plans to invest in Africa-based businesses in the commercial and industrial solar sector, also announced its first investment in a Kenya-based 858 kWp solar installation project. Investors in the first close included family offices Blue Haven Initiative and Ceniarth and impact investor TreeHouse Investments, while the U.S. Agency for International Development provided a US$1.3 million first-loss contribution. CrossBoundary also secured grant funding to support the fund’s establishment and accelerate its expansion from U.S. development finance institution Overseas Private Investment Corporation and the independent charity Shell Foundation.