Africa’s first project financing facility for minigrids has announced an additional $25 million deployment of senior debt to deploy $50m of capital into a near-term pipeline of solar powered minigrids.
CrossBoundary Energy Access (CBEA) recently announced the new funding commitments from ARCH Emerging Markets Partners Limited, Bank of America and Microsoft Climate Innovation Fund. CBEA plans to eventually over the next two years deploy a total of $150m to bring clean energy to one million people in Africa.
The minigrids combine solar and batteries to provide 24/7 grid-quality power to households and business. This initiative will enable individual local residential and small business subscribers to access renewable electricity for the first time. These solar powered minigrids will help bridge the gap by bringing clean electricity to rural areas of Africa that do not presently have access to electricity.