KLP and Norfund made the investment together, via KLP Norfund Investments. KLP is Norway’s largest pension company. Norfund manages the joint fund.

CrossBoundary president CIO Pieter Joubert said the Norwegian investment was “aligned with our belief that the business sector across Africa should be able to benefit from cheaper, cleaner and more reliable power”. The company aims to have a portfolio of more than $300mn within five years, he said.

It currently has $188mn of projects, for 30 companies in 14 countries. This has 150 MWp of solar photovoltaic (PV), 50 MWh of battery storage and 12 MW of wind assets.

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