According to the IEA, more than 600 million people in Africa do not have access to electricity. This stymies economic growth, productive investment, job creation and poverty reduction. Solar minigrids though, could provide a solution to this issue, unlocking the potential of those living without electricity.
Gabriel Davies, Managing Director and Head of Energy Access at CrossBoundary, said CBEA has grown up with the sector and this latest round of fundraising is testament to the work of the developers, governments, and donors over the last few years. “Confidence from ARCH, Bank of America and Microsoft reflects the growing maturity of both the minigrid sector, and its ability to attract institutional capital. Our investors believe the minigrid sector is ready to scale and that 2022 will mark an inflection point in its growth.