AFRICA: Standard Bank provides a $20M credit facility to CBE to solarise businesses

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AFRICA: Standard Bank grants CBE $20 million to solarise businesses © Tavarius/Shutterstock

Standard Bank, a commercial bank based in Johannesburg, South Africa, is providing a $20 million credit facility to CrossBoundary Energy (CBE). The company finances, builds and leases solar photovoltaic power plants to commercial and industrial (C&I) customers.

Good news for CrossBoundary Energy (CBE). The investment company is securing $20 million as part of a $50 million construction credit facility it has agreed with the Energy Inclusion Facility (EIF), a multi-donor financing facility managed by Cygnum Capital.

The $20 million credit facility provided by Standard Bank will support the development of CBE’s activities. In Africa, mainly south of the Sahara, the Nairobi, Kenya-based company finances, builds and operates grid-connected and off-grid solar power plants for commercial and industrial (C&I) customers.

Read also- MADAGASCAR: CBE to connect an 8 MWp solar power plant to the Tôlagnaro mine

“This credit facility demonstrates our commitment to energy security and our strategic focus on financing decentralised energy on the continent. This facility will enable CBE to continue to provide affordable, clean and reliable renewable energy solutions to commercial and industrial customers across Africa,” says Jeanne-Marie Fatti, Senior Vice President of Standard Bank South Africa.

CBE has just successfully developed a solar project at the Molo graphite mine, operated by the Canadian company NextSource Materials in Madagascar. The 2.69 MW installation is connected to a 1.37 MWh battery electricity storage system and a 3.1 MW diesel generator.

Jean Marie Takouleu

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