CrossBoundary Energy, a renewable energy company with a focus on providing funding for off-grid solutions in underserved communities globally has built and commissioned a solar plant at the Nigerian Breweries Plc. factory, Ibadan.
The commissioning of the 663.60 kilowatts peak (kWp) solar plant at the Nigerian Breweries Plc. factory in Ibadan is CrossBoundary Energy Nigeria
CrossBoundary Energy (CBE) has announced the exit of its first fund at a 15% net internal rate of return (IRR) to investors.
ARCH Emerging Markets Partners’ Africa Renewable Power Fund (ARCH ARPF) is providing $40 million in new equity funding to exit initial investors and support CrossBoundary Energy to continue to develop, construct and operate distributed commercial & industrial (C&I) solar projects that will provide businesses across Africa with access to cheaper, cleaner power.
The energy company stated that this exit and new investment is a powerful endorsement for the role of distributed renewables in Africa and the potential of blended finance in unlocking new asset classes.
Pieter Joubert, chief investment officer, CrossBoundary Energy said: “We are incredibly grateful for the early-stage backing we received from our partners and investors such as Blue Haven Initiative, Ceniarth, Slocum Investments, Treehouse Investments and others, who trusted in our vision to bring cheap, clean energy to businesses across the continent and continued to support and work with us to realise that vision.”
Naija247news recalled that The company in a notice filed with the Nigerian Stock Exchange in 2019 indicated that a solar power purchase agreement with CrossBoundary Energy Limited has been signed for the installation and operation of a 650 kW solar plant located at its Ibadan Brewery, adding that the solar energy plant will become operational this year.
It will also reduce the Brewery’s CO2 emissions by over 10,000 tonnes over the lifespan of the plant. In addition to helping to power our world-class Brewery in Ibadan, the solar plant will enable us to deliver on our ‘Brewing a Better World’ initiative.
This will support our parent company’s (Heineken NV) global ‘Drop the C’ programme for renewable energy which is aimed at growing production-related energy sourced from renewables from the current level of 14% to 70% by 2030.
The solar plant will equally lead to the creation of jobs in the engineering, construction and maintenance sectors, while supporting the Nigerian Electricity Regulatory Commission’s target of having 2,000MW of power capacity from renewables by 2020. NB will continue to create partnerships aimed at adding value to its business, the Nigerian economy and the environment,” the notice disclosed.
The notice signed by Uaboi G. Agbebaku the company’s secretary/ legal director noted that the landmark project is the first of its kind in Nigeria as it will supply 1GWh annually to the Ibadan Brewery at a significant discount to the current cost of power.