Oil and gas trader B.B. Energy acquires Solarcentury Africa

AFRICA – B.B. Energy (BBE), a London  based oil and gas trader, has announced the acquisition of Solarcentury Africa, the subsidiary of solar energy provider Solarcentury. Through its local subsidiary, Solarcentury supplies solar energy to industrial and commercial (C&I) customers and its assets will now be part of BBE Renewables, BBE’s subsidiary. With this transaction, BBE is now targeting the dynamic solar energy market for commercial and industrial (C&I) customers in Africa. Solarcentury has an installed capacity of 2.1 GW in Africa. Commenting on the acquisition, Chahid Jarmouni, Global Head…

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CrossBoundary Group commissions 424KWp solar plant for XFlora Rose Farms in Kenya

KENYA – CrossBoundary Group through its facility  Crossboundary Energy Fund I, has commissioned a 424KWp solar plant for XFlora Rose Farms in Nakuru County, Kenya. The new roof and ground installations will generate 750MWh of reliable, clean energy annually, resulting in approximately 35% reduction in their power cost. With this solar plant installation, XFlora Farm will over the 20 – year life of the plant, avert over 7,000 tonnes of carbon dioxide emissions. “Our solar power purchase agreements enable businesses operating in Sub-Sharan Africa to access affordable, clean, reliable power…

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CrossBoundary Energy exits its first fund, raises US$40M to scale financed solar for businesses

AFRICA – CrossBoundary Energy (CBE), a direct investment arm of CrossBoundary that finances solar projects in Africa, has exited of its first fund at a 15% net Internal Rate of Return (IRR) to investors. In addition, ARCH Emerging Markets Partners’ Africa Renewable Power Fund (ARCH ARPF) has provided US$40m in new equity funding to exit initial investors and support CrossBoundary Energy to continue to develop, construct and operate distributed commercial & industrial (C&I) solar projects that will provide businesses across Africa with access to cheaper, cleaner power. This exit and…

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CrossBoundary Energy receives US$16.5m commitment from ARCH EM Partners

AFRICA – ARCH Emerging Markets Partners’ Africa Renewable Power Fund (ARCH ARPF) has announced its commitment to fund CrossBoundary Energy (CBE) with up to US$16.5 million in equity funding. This fund is to develop and finance new Commercial & Industrial (C&I) solar assets that will provide businesses across Africa with access to cheaper, cleaner power. This commitment represents the first stage of a larger transaction under finalisation by CrossBoundary Energy to scale solar for business across Africa. The announcement comes as the International Energy Agency (IEA) predicts a strong acceleration…

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