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OPIC provides USD 6m in debt funding to Africa solar financier

A solar carport in Nairobi, Kenya. Source: CrossBoundary Energy

November 23 (Renewables Now) - The Overseas Private Investment Corporation (OPIC) has provided KES 600 million (USD 5.9m/EUR 5.2m) in debt financing to Sub-Saharan Africa-focused distributed solar projects financier CrossBoundary Energy.

The Nairobi-based firm said in a brief statement on its website that the OPIC funding enables it to extend the provision of renewable power across Sub-Saharan Africa and bolster the mission of Power Africa.

Ray Washburne, the head of US government agency OPIC, said as cited by Business Daily Africa that the funds will allow the company to execute six projects totalling 5.75 MW at corporate sites in Kenya, Rwanda and Ghana. The provided debt is secured by estimated earnings from upcoming projects and earnings from past developments, according to the report.

With offices in New York, Washington DC and Nairobi, CrossBoundary Energy provides financing to commercial and industrial clients for distributed solar installations of 100 kW to 10 MW.

(KES 100 = USD 0.976/EUR 0.860)

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