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<a href="https://crossboundaryenergy.com/" target="_blank" rel="noopener">CrossBoundary Energy</a>, a renewable energy developer, secured $200 million of additional senior debt, closing a second tranche of a portfolio financing facility arranged by the Standard Bank of South Africa Limited (SBSA), which was first closed in December 2024.
The financing transaction will support the construction of the company&#8217;s renewable energy infrastructure in Africa, providing energy-as-a-service to customers in mining, heavy industry, and telecommunications. The projects that are currently under construction include the 30 MW Kamoa-Kakula Solar PV/BESS Baseload Project in the DRC, which will supply baseload power to Kamoa Copper S.A., Africa&#8217;s copper mine.
SBSA was the mandated lead arranger on the transaction. A consortium of lenders comprising Absa, The Mauritius Commercial Bank (MCB), the Facility for Energy Inclusion (FEI), Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), and the Dutch entrepreneurial development bank (FMO), participated in the transaction.
Cygnum Capital acted as the company&#8217;s exclusive financial advisor. Trinity International, SLR Consulting, DNV South Africa (Pty), INDECS Consulting, and Deloitte &amp; Touche advised the lenders on the transaction.
&#8220;The expanded commitment arranged by Standard Bank and the entry of new lenders demonstrate overwhelming confidence in CBE&#8217;s ability to meet the demand for reliable and clean energy on the continent. This scalable debt framework allows us to pursue a more streamlined borrowing approach relative to project-level financing and support the construction of our rapidly expanding portfolio,&#8221; Justus Karuru, Associate Principal at CrossBoundary Energy.
This financing follows a $40 million equity-like capital investment <a href="https://mercomcapital.com/crossboundary-energy-secures-impact-fund-denmark/" target="_blank" rel="noopener">closed</a> by CrossBoundary Energy earlier in August 2025. The funding will help the company expand its portfolio of clean energy projects in Africa.
In December 2024, the company <a href="https://mercomcapital.com/crossboundary-energy-secures-senior-debt-financing/" target="_blank" rel="noopener">secured</a> a $140 million senior debt commitment from the Standard Bank of South Africa on a fully underwritten basis. With this funding, the company plans to scale up its renewable energy portfolio and serve commercial and industrial (C&amp;I) clients across Africa.
According to Mercom&#8217;s 9M and Q3 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/9m-q3-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding increased by 43% in the first nine months of 2025 compared with the same period in 2024.

CrossBoundary Secures $200 Million for Renewable Energy Portfolio Expansion

Group14 Technologies, a manufacturer of silicon-anode battery technology, <a href="https://cms.mercomindia.com/group14-technologies-raises-463-million-in-series-d-funding/" target="_blank" rel="noopener">raised</a> $463 million in a Series D funding, led by SK, with participation from existing investors. The new capital will be used to scale up production of Group14’s silicon battery material, SCC55, in both the U.S. and South Korea, aiming to tackle the growing global demand for energy storage solutions. In addition, Group14 has taken full ownership of its joint venture with SK Inc. in Sangju, South Korea. 
ABO Energy, a renewable energy project developer, has <a href="https://cms.mercomindia.com/abo-energy-closes-280-million-syndicated-loan-agreement/" target="_blank" rel="noopener">closed</a> a syndicated loan agreement for €240 million (~$280 million) with the participation of seven banks. Commerzbank led the financing and acted as sole bookrunner and agent. Clifford Chance acted as legal advisor to the banks, while Noerr PartGmbB acted as legal advisor to ABO Energy. As per the agreement, the financing volume is divided equally between traditional loans, revolving working capital facilities, and guarantee lines.
One Stop Warehouse, a solar wholesaler and distributor, has <a href="https://cms.mercomindia.com/solar-distributor-osw-raises-funding/" target="_blank" rel="noopener">secured</a> A$8.5 million (~$5.5 million) in strategic funding from SparkEdge Capital, a venture capital firm based in Shanghai focused on the energy and technology sectors. The funding will be used to support the company in its next phase of international growth in key solar markets, including the U.S., Mexico, Spain, and Romania. Currently, apart from Australia, the company has built its presence across Europe, especially in the Netherlands and Poland.
CrossBoundary Energy, a developer, owner, and operator of distributed renewable energy, has <a href="https://cms.mercomindia.com/crossboundary-energy-secures-impact-fund-denmark/" target="_blank" rel="noopener">secured</a> a $40 million equity-like capital investment from Impact Fund Denmark. The funding will help the company expand its portfolio of clean energy projects in Africa. Currently, the company is constructing a solar/BESS baseload plant in Africa after signing a commercial and industrial PPA with Kamoa Copper SA, a copper mine in the Democratic Republic of Congo.
Power converter manufacturer Statcon Energiaa has <a href="https://www.mercomindia.com/rotomag-acquires-51-stake-in-power-converter-manufacturer-statcon" target="_blank" rel="noopener">secured</a> an investment from Rotomag Enertec, providing the latter with a 50.99% stake in the company. The two companies aim to develop and deploy MW-scale battery energy storage systems (BESS), among other things, following the investment’s finalization. Statcon Energiaa designs, manufactures, and commercially sells on-grid solar inverters. Its solutions cater to green hydrogen, railways, defense, and the power sectors.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-activ8-energies-acquires-low-carbon-energy/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Group14 Technologies Raises $463 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-group14-technologies-raises-463-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Group14 Technologies, a manufacturer of silicon-anode battery technology, <a href="https://mercomcapital.com/group14-technologies-raises-463-million-in-series-d-funding/" target="_blank" rel="noopener">raised</a> $463 million in a Series D funding, led by SK Inc., with participation from existing investors. The new capital will be used to scale up production of Group14’s silicon battery material, SCC55, in both the U.S. and South Korea, aiming to tackle the growing global demand for energy storage solutions. In addition, Group14 has taken full ownership of its joint venture with SK Inc. in Sangju, South Korea. 
ABO Energy, a renewable energy project developer, has <a href="https://mercomcapital.com/abo-energy-closes-280-million-syndicated-loan-agreement/" target="_blank" rel="noopener">closed</a> a syndicated loan agreement for €240 million (~$280 million) with the participation of seven banks. Commerzbank led the financing and acted as sole bookrunner and agent. Clifford Chance acted as legal advisor to the banks, while Noerr PartGmbB acted as legal advisor to ABO Energy. As per the agreement, the financing volume is divided equally between traditional loans, revolving working capital facilities, and guarantee lines.
One Stop Warehouse, a solar wholesaler and distributor, has <a href="https://mercomcapital.com/solar-distributor-osw-raises-funding/" target="_blank" rel="noopener">secured</a> A$8.5 million (~$5.5 million) in strategic funding from SparkEdge Capital, a venture capital firm based in Shanghai focused on the energy and technology sectors. The funding will be used to support the company in its next phase of international growth in key solar markets, including the U.S., Mexico, Spain, and Romania. Currently, apart from Australia, the company has built its presence across Europe, especially in the Netherlands and Poland.
CrossBoundary Energy, a developer, owner, and operator of distributed renewable energy, has <a href="https://mercomcapital.com/crossboundary-energy-secures-impact-fund-denmark/" target="_blank" rel="noopener">secured</a> a $40 million equity-like capital investment from Impact Fund Denmark. The funding will help the company expand its portfolio of clean energy projects in Africa. Currently, the company is constructing a solar/BESS baseload plant in Africa after signing a commercial and industrial PPA with Kamoa Copper SA, a copper mine in the Democratic Republic of Congo.
Power converter manufacturer Statcon Energiaa has <a href="https://www.mercomindia.com/rotomag-acquires-51-stake-in-power-converter-manufacturer-statcon" target="_blank" rel="noopener">secured</a> an investment from Rotomag Enertec, providing the latter with a 50.99% stake in the company. The two companies aim to develop and deploy MW-scale battery energy storage systems (BESS), among other things, following the investment’s finalization. Statcon Energiaa designs, manufactures, and commercially sells on-grid solar inverters. Its solutions cater to green hydrogen, railways, defense, and the power sectors.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-activ8-energies-acquires-low-carbon-energy" target="_blank" rel="noopener">roundup</a>.

<a href="https://crossboundaryenergy.com/" target="_blank" rel="noopener">CrossBoundary Energy</a>, a developer, owner, and operator of distributed renewable energy, has secured a $40 million equity-like capital investment from Impact Fund Denmark. The funding will help the company expand its portfolio of clean energy projects in Africa.
Currently, the company is constructing a solar/BESS baseload plant in Africa after signing a commercial and industrial PPA with Kamoa Copper SA, a copper mine in the Democratic Republic of the Congo. Providing renewable energy to the mine is expected to bolster the mine&#8217;s output and increase its economic impact in the region.
Earlier this year, Norfund doubled its investment in CrossBoundary Energy to $80 million, following a $140 million senior debt close <a href="https://mercomcapital.com/crossboundary-energy-secures-senior-debt-financing/" target="_blank" rel="noopener">from</a> Standard Bank at the end of 2024, as the first tranche of a $300 million senior debt mandate.
The company also recently secured a $495 million guarantee framework from the World Bank&#8217;s MIGA. The framework is designed to accelerate the deployment of distributed renewable energy projects throughout Africa.
&#8220;Our zero-CapEx model lowers the barrier to entry for African businesses seeking stable, clean, and cost-effective power. Once companies&#8217; balance sheets are freed up to invest in their core value-generating activities rather than power provision, they can reach and exceed their targets, unlocking further economic value in the regions in which they operate,&#8221; said Pieter Joubert, President and Chief Investment Officer at CrossBoundary Energy.
According to Mercom&#8217;s 1H 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/1h-and-q2-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, VC funding activity decreased 7% year-over-year, with $2.5 billion raised in 32 deals in 1H 2025 compared to $2.7 billion from 29 deals in the first half of 2024.
In April, RayGen Resources, a developer of utility-scale solar and long-duration energy storage, <a href="https://mercomcapital.com/raygen-raises-76-million-in-series-d-funding/" target="_blank" rel="noopener">raised</a> A$127 million (~$76 million) in a Series D funding round. The funding round was led by a technology company, SLB, with A$31 million (~$19 million) follow-on investment along with the execution of a RayGen-SLB Strategic Deployment Agreement, designed to accelerate the technology&#8217;s path to the global energy market.

CrossBoundary Energy Secures $40 Million from Impact Fund Denmark

CrossBoundary Energy, a renewable energy developer, <a href="https://cms.mercomindia.com/crossboundary-energy-secures-senior-debt-financing/" target="_blank" rel="noopener">secured</a> a $140 million senior debt commitment from the Standard Bank of South Africa on a fully underwritten basis. The funding is being undertaken as a first tranche within a broader mandate with the Standard Bank of South Africa, which has been appointed to lead and arrange up to $300 million in senior debt. With this funding, the company plans to scale up its renewable energy portfolio and serve commercial and industrial (C&amp;I) clients across Africa.
AMPECO, a software platform for electric vehicle (EV) charging solution providers, <a href="https://cms.mercomindia.com/ev-charging-software-provider-ampeco-raises-26-million/" target="_blank" rel="noopener">raised</a> $26 million in a Series B funding round led by Revaia, along with existing investors Cavalry Ventures, BMW i Ventures, and LAUNCHub Ventures. The latest round brings the company’s total funding to $42 million. The funding will be used to fuel the company’s growth plans while accelerating product enhancements and expanding into key markets like Western Europe, the Nordics, the UK, North America, and Southeast Asia.
India-based Rajesh Power Service, a renewable and non-renewable energy solutions provider, has gone <a href="https://www.mercomindia.com/rajesh-powers-ipo-gets-shares-list-at-90-premium" target="_blank" rel="noopener">public</a> with its Initial Public Offering (IPO) on the BSE SME platform. The IPO received an overwhelming response, with the issue being subscribed 59 times when it closed on November 27, 2024, and raised ₹1.6 billion (~$18.8 million). The company’s shares were listed at a substantial 90% premium over the IPO price on December 2, 2024, opening at ₹636.50 (~$7.51) per share compared to the issue price of ₹335 (~$3.95).
FPR Energy, a venture from CSIRO, Australia’s national science agency, has <a href="https://cms.mercomindia.com/fpr-energy-secures-10-million-in-seed-funding/" target="_blank" rel="noopener">secured</a> A$15 million (~$10 million) in seed funding to commercialize next-generation solar thermal technology. The company was launched in collaboration with advisory and funds management firm RFC Ambrian and electric utility Osaka Gas. FPR Energy aims to cut emissions in heavy industries such as minerals refining, steel, cement, and chemical production using CSIRO’s particle-based Concentrated Solar Thermal (CST) technology.
Reefilla, a startup that provides mobile and predictive charging delivery service for electric vehicles, has <a href="https://cms.mercomindia.com/reefilla-receives-4-8-million-funding-to-develop-second-life-batteries/" target="_blank" rel="noopener">secured</a> €4.5 million (~$4.8 million) in funding. CDP Venture Capital led the round through the Green Transition-PNRR Fund, financed with NextGeneration EU resources. The company states that this funding will be used for R&amp;D to transform end-of-life batteries into second-life batteries, which can be used in energy storage and mobile charging.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-silfab-solar-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: CrossBoundary Energy Secures $140 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-crossboundary-energy-secures-140-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
CrossBoundary Energy, a renewable energy developer, <a href="https://mercomcapital.com/crossboundary-energy-secures-senior-debt-financing/" target="_blank" rel="noopener">secured</a> a $140 million senior debt commitment from the Standard Bank of South Africa on a fully underwritten basis. The funding is being undertaken as a first tranche within a broader mandate with the Standard Bank of South Africa, which has been appointed to lead and arrange up to $300 million in senior debt. With this funding, the company plans to scale up its renewable energy portfolio and serve commercial and industrial (C&amp;I) clients across Africa.
AMPECO, a software platform for electric vehicle (EV) charging solution providers, <a href="https://mercomcapital.com/ev-charging-software-provider-ampeco-raises-26-million/" target="_blank" rel="noopener">raised</a> $26 million in a Series B funding round led by Revaia, along with existing investors Cavalry Ventures, BMW i Ventures, and LAUNCHub Ventures. The latest round brings the company’s total funding to $42 million. The funding will be used to fuel the company’s growth plans while accelerating product enhancements and expanding into key markets like Western Europe, the Nordics, the UK, North America, and Southeast Asia.
India-based Rajesh Power Service, a renewable and non-renewable energy solutions provider, has gone <a href="https://www.mercomindia.com/rajesh-powers-ipo-gets-shares-list-at-90-premium" target="_blank" rel="noopener">public</a> with its Initial Public Offering (IPO) on the BSE SME platform. The IPO received an overwhelming response, with the issue being subscribed 59 times when it closed on November 27, 2024, and raised ₹1.6 billion (~$18.8 million). The company’s shares were listed at a substantial 90% premium over the IPO price on December 2, 2024, opening at ₹636.50 (~$7.51) per share compared to the issue price of ₹335 (~$3.95).
FPR Energy, a venture from CSIRO, Australia’s national science agency, has <a href="https://mercomcapital.com/fpr-energy-secures-10-million-in-seed-funding/" target="_blank" rel="noopener">secured</a> A$15 million (~$10 million) in seed funding to commercialize next-generation solar thermal technology. The company was launched in collaboration with advisory and funds management firm RFC Ambrian and electric utility Osaka Gas. FPR Energy aims to cut emissions in heavy industries such as minerals refining, steel, cement, and chemical production using CSIRO’s particle-based Concentrated Solar Thermal (CST) technology.
Reefilla, a startup that provides mobile and predictive charging delivery service for electric vehicles, has <a href="https://mercomcapital.com/reefilla-receives-4-8-million-funding-to-develop-second-life-batteries/" target="_blank" rel="noopener">secured</a> €4.5 million (~$4.8 million) in funding. CDP Venture Capital led the round through the Green Transition-PNRR Fund, financed with NextGeneration EU resources. The company states that this funding will be used for R&amp;D to transform end-of-life batteries into second-life batteries, which can be used in energy storage and mobile charging.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-silfab-solar-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://crossboundaryenergy.com/" target="_blank" rel="noopener">CrossBoundary Energy</a>, a renewable energy developer, secured a $140 million senior debt commitment from the Standard Bank of South Africa on a fully underwritten basis.
The funding is being undertaken as a first tranche within a broader mandate with the Standard Bank of South Africa, which has been appointed to lead and arrange up to $300 million in senior debt. With this funding, the company plans to scale up its renewable energy portfolio and serve commercial and industrial (C&amp;I) clients across Africa.
Cygnum Capital acted as the exclusive financial adviser for CrossBoundary Energy, and Bracewell (U.K.) was the borrower&#8217;s counsel. Trinity International acted as the lender&#8217;s counsel on the transaction.
&#8220;Scalable, affordable infrastructure financing solutions are a catalyst to unlock reliable and affordable power access for businesses on the continent. Our partnership with Standard Bank will allow us to expand and accelerate energy-as-a-service to African customers, ultimately improving the sustainability and competitiveness of businesses across Africa&#8221;, said Pieter Joubert, President and Chief Investment Officer at CrossBoundary Energy.
CrossBoundary Energy provides financed renewable-led power solutions to enterprises in Africa. Its current awarded portfolio is stated to comprise $570 million of projects across 18 African countries, with 330 MW of solar and wind assets and 178 MWh of battery energy storage solutions.
The portfolio features large-scale renewable-led hybrid power plants for mines, rooftop and ground-mount solar PV plants for industrial clients, and distributed solar PV and battery power solutions for telecommunications sites.
According to Mercom&#8217;s recently released 9M and Q3 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, solar debt financing activity in 9M 2024 totaled $16.7 billion in 68 deals, 4% higher than in 9 M 2023, when $16 billion was raised in 54 deals. This increase in solar debt financing activity reflects the growing confidence in the solar energy sector and the potential for further growth and development.
In November, Birch Creek Energy, a utility-scale solar and energy storage project developer, <a href="https://cms.mercomindia.com/project-developer-birch-creek-energy-closes-150-million-credit-facility/" target="_blank" rel="noopener">secured</a> a $150 million credit facility provided by KKR&#8217;s High-Grade Asset-Based Finance strategy via insurance accounts managed by KKR.

CrossBoundary Energy Secures $140 Million Senior Debt Financing

The Overseas Private Investment Corporation (<a href="https://www.opic.gov/" target="_blank" rel="noopener">OPIC</a>), a United States Government agency, has provided 600 million shillings (~$5.86 million) to CrossBoundary Energy, a Nairobi-based company which funds commercial and industrial solar in East Africa.
In a release CrossBoundary Energy stated, “We’re humbled that the OPIC has recognized our investment platform for commercial and industrial solar in Sub-Saharan Africa, CrossBoundary Energy, as a pioneer in the provision of solar energy across the continent. The debt financing from OPIC, allows us to extend the provision of affordable, cleaner and more reliable energy across Sub-Saharan Africa and bolster the mission of Power Africa.”
According to a report in Business Daily Africa, “The fresh capital is a debt secured by expected earnings from upcoming projects as well as earnings from past projects such as the Garden City Mall (Nairobi) solar installation, Unilever Tea Kenya (Kericho), Unilever Ghana, Guinness Ghana, The Coca-Cola Bottling Company of Ghana and Bralirwa Brewery in Gisenyi, Rwanda.”
The report quoted, OPIC head Ray Washburne stating that the funds will enable CrossBoundary Energy to implement six projects at various corporate sites in Kenya, Rwanda and Ghana producing a total of 5.75 MW.
CrossBoundary co-managing partner Matthew Tilleard hailed OPIC’s commitment saying it will help the identified companies reduce reliance on the national grid and access affordable solar power that is environmental-friendly.
Prior to this, <a href="https://mercomindia.com/opic-commits-25-million-off-grid-solar-asia-africa/" target="_blank" rel="noopener">in September 2018</a>, OPIC committed $25 million in financing to the Solar Energy Transformation Fund LLC, which will provide loans to companies developing off-grid solar products and solutions for the millions of people in Sub Saharan Africa and Asia who lack access to electricity.
<a href="https://mercomindia.com/opic-loan-5-million-grameen-impact/" target="_blank" rel="noopener">In June 2018</a>, OPIC signed a $5 million loan guarantee with India’s IndusInd Bank. The money will support Grameen Impact, a non-bank financial institution (NBF) backed by Grameen Capital India (GII) in its focus on the growth of local small and medium enterprises.

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