New approach to mini-grid finance as CrossBoundary closes first deal

CrossBoundary Energy Access (CBEA) has announced a debut transaction that will see 60 mini-grids providing power to 34,000 rural households and businesses developed in Tanzania. The deal is the first project financing for a mini-grid, according to CBEA, part of the CrossBoundary Group, which is partnering with PowerGen Renewable Energy for the project. PowerGen was founded in 2011 and has built mini-grids serving more than 50,000 people.CBEA, which describes itself as the first project financing facility for mini-grids, started up this year with $16m of funding from the Rockefeller Foundation and family office Ceniarth LLC.