Crossboundary Secures USD 25 Mn For Solar Mini-Grids In Africa

Kenya-based Crossboundary Energy Access (CBEA), a mini-grid infrastructure fund, has raised USD 25 Mn from ARCH Emerging Markets Partners limited, Bank of America, and Microsoft Climate Innovation Fund to back renewable energy projects across the continent. ARCH made a USD 10 Mn equity investment as Microsoft and Bank of America injected USD 15 Mn mezzanine financing. The fund plans to inject USD 150 Mn into solar projects over the next two years.