Kenya-based solar investment fund CrossBoundary Energy Access, part of investment firm The CrossBoundary Group, plans to inject $16 million into mini-grids serving 170,000 people to provide first-time power to homes and businesses.
CrossBoundary's target is on markets with supportive mini-grid regulatory frameworks, such as Tanzania, Nigeria, and Zambia.
Recently, the fund launched with funding investments from impact-first investors.
The investors included New York-based The Rockefeller Foundation and Ceniarth, a principal investment firm specializing in investments in companies that benefit underserved communities.