CrossBoundary Energy Secures $240M for Mining-Backed Solar in Africa
CrossBoundary Energy raised $240 million in equity and debt for solar projects in Africa, marking the largest capital raise in 2025-26. The shift to cheaper solar power is significant for mining operations, reducing reliance on diesel and improving energy security.
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CrossBoundary Energy has secured $240 million in funding, including $40 million in equity from Inspired Evolution and a $200 million debt facility from Standard Bank of South Africa. The developer is focused on solar projects anchored by mining contracts, including a 222 MW solar facility at the Kamoa-Kakula copper complex in the Democratic Republic of Congo and a hybrid plant for the Baomahun gold mine in Sierra Leone.
The cost of solar energy has decreased to $33 per megawatt-hour, significantly undercutting diesel generation costs at approximately $370 per MWh. This economic shift is driven by a rise in battery storage adoption and falling battery prices.
However, concentration risks exist due to dependence on commodity prices, particularly copper and gold. The industry faces potential cash flow pressures from price downturns or operational disruptions.
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