AFRICA: Standard Bank grants $20 million to CBE to solarize businesses
Standard Bank, a commercial bank based in Johannesburg, South Africa, provides a $20 million credit facility to CrossBoundary Energy (CBE). The company finances, constructs and leases solar photovoltaic power plants to commercial and industrial (C&I) customers.
Good news for CrossBoundary Energy (CBE). The investment company secures $20 million under a $50 million construction credit facility it agreed with the Facility for Energy Inclusion (FEI), a multi-donor financing mechanism , managed by Cygnum Capital.
The $20 million credit facility granted by Standard Bank will support the development of CBE's activities. In Africa, primarily south of the Sahara, the Nairobi, Kenya-based company finances, builds and operates on-grid and off-grid solar power plants for commercial and industrial (C&I) customers.
“This credit facility demonstrates our commitment to ensuring energy security and our strategic desire to finance decentralized energy on the continent. This facility will enable CBE to continue providing commercial and industrial customers across Africa with reasonably priced, clean and reliable renewable energy solutions,” explains Jeanne-Marie Fatti, Senior Vice President of Standard Bank . South Africa.
CBE has also just successfully developed a solar project at the Molo graphite mine, operated by the Canadian company NextSource Materials in Madagascar. The installation, which has a capacity of 2.69 MW, is connected to a 1.37 MWh battery electricity storage system, as well as a 3.1 MW generator, running on diesel.
