The International Finance Corporation (IFC), a member of the World Bank Group, has announced a 10 million dollar equity investment in CrossBoundary Access to support the expansion of distributed renewable energy infrastructure across Sub-Saharan Africa. The investment is expected to help increase access to reliable and clean electricity in underserved communities by funding new renewable energy projects and advanced energy technologies.
The new capital will be used to develop distributed energy solutions such as solar mini-grids and battery-as-a-service systems. These technologies are designed to provide affordable and dependable electricity to people living in areas where access to the national power grid is limited or unavailable. The investment forms part of broader efforts to improve energy access while supporting sustainable development across the African continent.
With this latest funding, the IFC joins a group of existing investors supporting CrossBoundary Access. These include Bank of America, the Microsoft Climate Innovation Fund, ARCH Emerging Markets Partners, and the African Development Bank’s Sustainable Energy Fund for Africa. The IFC’s investment is also supported by financing from the Global Energy Alliance, a blended finance initiative backed by the Rockefeller Foundation.
CrossBoundary Access aims to provide clean and reliable electricity to one million people across Africa. At present, the company supplies electricity to more than 170,000 people through its distributed renewable energy projects in Nigeria and Madagascar.
The company works by partnering with local renewable energy developers to finance, own, and operate distributed energy assets. The newly secured funding will support the expansion of projects with existing partners, including Mobile Power and Ignite Energy Access in Nigeria and ANKA in Madagascar. In addition, the investment will enable CrossBoundary Access to establish new partnerships and expand its operations into other countries across Sub-Saharan Africa.
Commenting on the investment, Humphrey Wireko, Managing Director of CrossBoundary Access, said the IFC’s support reflects strong confidence in the company’s vision to build a large-scale distributed energy access utility across Africa. He added that the funding will help accelerate electrification efforts and bring reliable electricity to more homes, businesses, and communities. The investment is expected to strengthen renewable energy deployment in the region while supporting economic growth, improving livelihoods, and advancing Africa’s clean energy transition through sustainable and inclusive energy infrastructure.
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