CrossBoundary Energy: Unlocking Capital To Power Africa
CrossBoundary Energy is Africa’s leading supplier of cheaper, cleaner electricity for business.
The firm is the only commercial owner and operator with on-the-ground experience managing solar in Africa for corporate customers. CrossBoundary Energy (CBE) believes that megawatts speaks louder than words and Africa’s top brands have chosen CBE as their solar energy supplier of choice.
CBE is part of the CrossBoundary Group which is a mission-driven investment organisation with a drive to harness the power of capital to make a strong return while creating a lasting difference in frontier markets.
The organisation takes a transaction-centric approach to frontier markets and provides investment advisory services, having developed a specialised expertise in unlocking investment across all industries across fragile and frontier markets. Its advisory clients include governments, development finance institutions, private equity firms, Fortune 100 companies and research institutions.
Earlier this year, CBE received US$16.5mn in funding from ARCH Emerging Markets Partners’ Africa Renewable Power Fund (ARCH ARPF) to develop and finance new Commercial & Industrial solar assets that will provide businesses across Africa with access to cheaper, cleaner power.
CBE has pioneered the solar-as-a-service business model in Africa through which corporate customers avoid upfront capital expenditure and instead enter into long-term solar service agreements. Under these agreements, CBE in collaboration with local developers and solar contractors, finances, installs and operates solar assets that provide customers with cleaner and cheaper power. CBE has already developed landmark projects in Kenya, Rwanda, Ghana and Nigeria with its clients including Unilever, Diageo, Heineken, Actis and leading local companies.
This additional funding will allow CBE to reach new markets and customers across Africa and deploy solar PV and battery storage solutions that decrease energy costs, improve power reliability and decrease carbon emissions.
Pieter Joubert, Chief Investment Officer at CrossBoundary Energy, commented: “Partnering with an industry leading investor like ARCH ARPF highlights the proven viability of captive commercial and industrial solar projects in Africa.
“We’re very excited to work with ARCH ARPF to continue providing Africa’s leading businesses with cheaper, cleaner, more reliable power at no upfront cost. This commitment by ARCH ARPF represents the first phase of a larger transaction which will allow us to take the C&I sector to scale across Africa, and in doing so reduce energy costs for our customers, create additional jobs within the solar sector, and significantly reduce carbon emissions.”
CrossBoundary delivers 30MW of solar for businesses across Africa. With a good track record, the organisation is laser-focused on providing solutions that work for organisations throughout the region.
G7 Summit guide: What it is and what leaders hope to achieve
Unless you’ve had your head buried in the sand, you’ll have seen the term ‘G7’ plastered all over the Internet this week. We’re going to give you the skinny on exactly what the G7 is and what its purpose on this planet is ─ and whether it’s a good or a bad collaboration.
Who are the G7?
The Group of Seven, or ‘G7’, may sound like a collective of pirate lords from a certain Disney smash-hit, but in reality, it’s a group of the world’s seven largest “advanced” economies ─ the powerhouses of the world, if you like.
The merry band comprises:
- The United Kingdom
- The United States
Historically, Russia was a member of the then-called ‘G8’ but found itself excluded after their ever-so-slightly illegal takeover of Crimea back in 2014.
Since 1977, the European Union has also been involved in some capacity with the G7 Summit. The Union is not recognised as an official member, but gradually, as with all Europe-linked affairs, the Union has integrated itself into the conversation and is now included in all political discussions on the annual summit agenda.
When was the ‘G’ formed?
Back in 1975, when the world was reeling from its very first oil shock and the subsequent financial fallout that came with it, the heads of state and government from six of the leading industrial countries had a face-to-face meeting at the Chateau de Rambouillet to discuss the global economy, its trajectory, and what they could do to address the economic turmoil that reared its ugly head throughout the 70s.
Why does the G7 exist?
At this very first summit ─ the ‘G6’ summit ─, the leaders adopted a 15-point communiqué, the Declaration of Rambouillet, and agreed to continuously meet once a year moving forward to address the problems of the day, with a rotating Presidency. One year later, Canada was welcomed into the fold, and the ‘G6’ became seven and has remained so ever since ─ Russia’s inclusion and exclusion not counted.
The group, as previously mentioned, was born in the looming shadow of a financial crisis, but its purpose is more significant than just economics. When leaders from the group meet, they discuss and exchange ideas on a broad range of issues, including injustice around the world, geopolitical matters, security, and sustainability.
It’s worth noting that, while the G7 may be made up of mighty nations, the bloc is an informal one. So, although it is considered an important annual event, declarations made during the summit are not legally binding. That said, they are still very influential and worth taking note of because it indicates the ambitions and outlines the initiatives of these particularly prominent leading nations.
Where is the 2021 G7 summit?
This year, the summit will be held in the United Kingdom deep in the southwest of England, with Prime Minister Boris Johnson hosting his contemporaries in the quaint Cornish resort of Carbis Bay near St Ives in Cornwall.
What will be discussed this year?
After almost two years of remote communication, this will be the first in-person G7 summit since the novel Coronavirus first took hold of the globe, and Britain wants “leaders to seize the opportunity to build back better from coronavirus, uniting to make the future fairer, greener, and more prosperous.”
The three-day summit, running from Friday to Sunday, will see the seven leaders discussing a whole host of shared challenges, ranging from the pandemic and vaccine development and distribution to the ongoing global fight against climate change through the implementation of sustainable norms and values.
According to the UK government, the attendees will also be taking a look at “ensuring that people everywhere can benefit from open trade, technological change, and scientific discovery.”