CrossBoundary Group Market Research Report

Background

Overview

CrossBoundary Group is a mission-driven investment firm established in 2011, dedicated to unlocking capital for sustainable growth and strong returns in underserved markets. The firm operates through two primary business lines: CrossBoundary Advisory and CrossBoundary Energy. CrossBoundary Advisory offers investment advisory services, while CrossBoundary Energy focuses on developing, owning, and operating distributed renewable energy solutions for businesses across Africa.

Mission and Vision

The firm's mission is to unlock capital for sustainable growth and strong returns in underserved markets. Its vision is to bridge capital gaps in emerging markets by providing tailored capital solutions, innovative project structuring, and expert advice to entrepreneurs, investors, corporates, governments, and foundations.

Primary Area of Focus

CrossBoundary Group primarily focuses on facilitating investments in underserved markets, with a significant emphasis on renewable energy projects in Africa. Through its subsidiary, CrossBoundary Energy, the firm develops and operates renewable energy solutions, including solar, wind, and battery storage projects, to provide affordable and reliable power to commercial and industrial clients.

Industry Significance

CrossBoundary Group plays a pivotal role in addressing the energy access challenges in Africa by providing clean and reliable energy solutions to businesses. Its efforts contribute to the continent's economic development and support global sustainability goals. The firm's recognition by Fortune's 2025 Change the World list underscores its impact in leveraging business strategies for positive social and environmental outcomes.

Key Strategic Focus

Core Objectives

Unlocking Capital: Facilitate investments in underserved markets by bridging capital gaps.

Sustainable Growth: Promote economic development through sustainable and reliable energy solutions.

Impactful Investments: Drive positive social and environmental outcomes through strategic investments.

Specific Areas of Specialization

Investment Advisory: Provide tailored capital solutions and expert advice to various stakeholders.

Renewable Energy Projects: Develop and operate solar, wind, and battery storage projects for commercial and industrial clients.

Key Technologies Utilized

Solar Photovoltaic (PV) Systems: Deploy solar panels to generate electricity.

Wind Energy Systems: Utilize wind turbines for power generation.

Battery Energy Storage Systems (BESS): Store energy for consistent power supply.

Primary Markets Targeted

Africa: Focus on providing renewable energy solutions to businesses across the continent.

Underserved Markets: Address energy access challenges in emerging economies.

Financials and Funding

Funding History

Total Funds Raised: As of December 2024, CrossBoundary Energy's portfolio exceeded US$680 million across 18 African countries, comprising 500 MW of solar, wind, and thermal assets, and over 600 MWh of battery energy storage solutions.

Recent Funding Rounds

December 2024: Norfund, the Norwegian Investment Fund for Developing Countries, invested an additional US$40 million in CrossBoundary Energy, doubling its initial investment from July 2022.

June 2023: The Facility for Energy Inclusion (FEI), managed by Cygnum Capital, provided US$30 million in senior debt to CrossBoundary Energy, with an additional US$20 million arranged in Q3 2023.

Notable Investors

Norfund: Norwegian Investment Fund for Developing Countries.

KLP Norfund Investments: Norwegian pension fund.

ARCH Emerging Markets Partners: Africa Renewable Power Fund.

Cygnum Capital: Facility for Energy Inclusion.

Intended Utilization of Capital

The capital raised is intended to expand CrossBoundary Energy's portfolio of renewable energy projects across Africa, focusing on providing affordable and reliable power to commercial and industrial clients. The firm aims to deploy over US$500 million in assets within the next five years.

Pipeline Development

Key Pipeline Candidates

Balama Solar Power Station: A 20 MWp solar power plant in Mozambique, supplying power to Syrah Resources' Balama Graphite Mine.

Baomahun Hybrid Power Station: A hybrid power plant in Sierra Leone, comprising a 23.8 MW solar power plant, a 13 MW/13.8 MWh battery storage system, and a 21 MW thermal power plant, intended to supply power to FG Gold Limited's Baomahun Gold Mine.

Stages of Development

Balama Solar Power Station: Operational.

Baomahun Hybrid Power Station: Under development, with commissioning expected in December 2025.

Target Conditions

Balama Solar Power Station: Provide reliable and cost-effective power to the mining operations.

Baomahun Hybrid Power Station: Supply a stable and sustainable energy mix to support mining activities.

Anticipated Milestones

Balama Solar Power Station: Ongoing operations.

Baomahun Hybrid Power Station: Expected commissioning in December 2025.

Technological Platform and Innovation

Proprietary Technologies

CrossBoundary Energy's Financing Model: Offers fully financed, customized clean energy solutions, allowing businesses to avoid upfront capital expenditure and technical risks while benefiting from cleaner, cheaper, and more reliable power.

Significant Scientific Methods

Energy Management Systems: Integrate renewable energy sources with existing power infrastructure to optimize energy usage and storage.

Hybrid Energy Systems: Combine solar, wind, and battery storage to provide a consistent and reliable power supply.

Leadership Team

Key Executives

Matt Tilleard: Co-founder and Managing Partner of CrossBoundary Group.

Jake Cusack: Co-founder and Managing Partner of CrossBoundary Group.

Pieter Joubert: Co-founder and President of CrossBoundary Energy.

Professional Backgrounds

Matt Tilleard: Extensive experience in investment and business development, focusing on emerging markets.

Jake Cusack: Background in investment facilitation and advisory services in underserved markets.

Pieter Joubert: Specializes in renewable energy project development and financing in Africa.

Key Contributions

Matt Tilleard and Jake Cusack: Established CrossBoundary Group and its subsidiaries, driving the firm's mission to unlock capital for sustainable growth in underserved markets.

Pieter Joubert: Led the expansion of CrossBoundary Energy's renewable energy portfolio across Africa.

Competitor Profile

Market Insights and Dynamics

Market Size and Growth Potential: The renewable energy sector in Africa is experiencing significant growth, driven by increasing energy demand and the need for sustainable solutions.

Industry Trends: There is a growing emphasis on clean energy adoption, with businesses seeking reliable and cost-effective power solutions.

Competitor Analysis

Prosus Ventures: A global consumer internet group and one of the largest technology investors in the world.

54 Collective: Focuses on impact investing in Africa, supporting businesses that drive social and environmental change.

Renewable Power Capital: Specializes in renewable energy investments, focusing on large-scale projects in Europe and North America.

Strategic Collaborations and Partnerships

Bank of America: Collaborated to expand renewable energy projects across Africa, aiming to scale investments in renewable energy solutions for commercial and industrial businesses.

Microsoft Climate Innovation Fund: Partnered to finance solar-powered mini-grids in Africa, enhancing energy access in underserved regions.

Operational Insights

Strategic Considerations

Major Competitors: Prosus Ventures, 54 Collective, and Renewable Power Capital.

Market Position: CrossBoundary Group holds a strong position in the African renewable energy sector, leveraging its extensive portfolio and strategic partnerships.