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Cape Town-based Inspired Evolution, a specialised funder of African renewable energy, today announced a $40 million investment in CrossBoundary Energy, a developer, owner, and operator of distributed renewable energy solutions for commercial and industrial (C&I) clients across sub-Saharan Africa.
The investment has been made through Inspired Evolution’s next-generation energy transition fund, Evolution III. This capital will support the development, construction, and expansion of CrossBoundary Energy’s portfolio of renewable energy assets, including solar PV, battery energy storage systems (BESS), and hybrid energy solutions.
Founded in 2011, CrossBoundary Energy is a member of the CrossBoundary Group, a mission-driven investment firm that provides investment advisory services to navigate the investment landscape in underserved markets.
CrossBoundary Energy develops, owns, and operates distributed renewable energy solutions for businesses, offering cheaper and cleaner energy through power purchase and lease agreements. The company has a $550 million portfolio that includes awarded, signed, in-construction, and operating energy assets. It features over 400 MWp of solar PV, wind projects, thermal facilities, and around 700 MWh of battery energy storage solutions.
Its clients include industry leaders like Rio Tinto, Ivanhoe, Unilever, Diageo, Heineken, and the Devki Group.
The company states that it is increasingly expanding into the mining sector across Africa, building a robust pipeline of projects across multiple African jurisdictions. A notable example is the Kamoa-Kakula Copper Complex in the DRC, where a 233 MWp solar PV facility with a 526 MWh battery energy storage system is being developed, providing a 30 MW baseload power solution to support mining operations. This project highlights CrossBoundary Energy’s capability to deliver reliable, large-scale energy infrastructure in complex operating environments.
With this capital commitment, CrossBoundary Energy aims to accelerate its mission to provide clean, affordable, and reliable power to commercial and industrial clients, reducing reliance on diesel generation and supporting decarbonization efforts across key African markets.
In November 2025, CrossBoundary Energy obtained $200 million in 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.
Tom Roberts, Head of Investment at CrossBoundary Energy, stated, “The investment from Inspired Evolution demonstrates a vote of confidence in our delivery capabilities and the track record we have already attained in Africa. Inspired Evolution’s experience in financing renewable energy projects will be invaluable and help us to expand our reach.”
Founded in 2007, Inspired Evolution manages the Evolution suite of funds with over $1 billion in commitments (including co-investments), with capital deployed across 21 African countries to date.
Evolution III predominantly focuses on private finance to mitigate climate change, support the energy transition, and improve resource efficiency. This fund invests across both infrastructure-type clean energy and resource-efficiency platforms and projects. It also backs technology-based solutions provided by growth companies, and the value chains that support each, as part of the pathway to Africa’s net-zero commitments by 2050.
