Energy Access raises $25 million from ARCH, Bank of America and Microsoft to finance solar-powered mini-grids in Africa #renewableenergy #minigrids #SDG7

Funding Rounds

▤ Summary

16 June 2022, Nairobi Africas first project financing facility for mini-grids, CrossBoundary Energy Access (CBEA), announced $25 million in new funding commitments from ARCH Emerging Markets Partners Limited, Bank of America, and Microsoft Climate Innovation Fund. This initiative will enable individual local residential and small business subscribers to access renewable electricity for the first time. These solar powered mini-grids will help bridge the gap by bringing clean electricity to rural areas of Africa that do not presently have access to electricity.According to the International Energy Agency (IEA), the solar mini-grid sector needs $187 billion to achieve universal energy access by 2030. CBEA believes project finance is key to unlocking the long-term, infrastructure-type capital that the mini-grid sector needs. This puts a brake on economic growth, productive investment, job creation, and poverty reduction.

$ Funding

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Amount - Total raised
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Date - Announcement date
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Investors Microsoft Accelerator - Tel Aviv, Bank of America Lead investors
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Company - Funded company

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SaaS Cloud Computing Enterprise Software

▦ Linked Companies

Microsoft
$1B+