KEY POINTS
• Absa funding for CBE accelerates new solar and battery developments.
• Absa funding for CBE supports companies seeking dependable clean power.
• The financing structure helps prevent project delays across multiple markets.
Absa Group is investing up to R1.7 billion ($100 million) in CrossBoundary Energy to facilitate the expansion of solar and battery initiatives across several African markets. The Johannesburg financial institution, under the leadership of South African CEO Kenny Fihla, is supporting one of the most substantial recent funding initiatives designed to alleviate ongoing power shortages that adversely affect industries ranging from mining to manufacturing.
Absa funding for CBE expands pipeline
The package, organized by Absa Corporate and Investment Banking, has three components: subordinated financing, an equity bridge loan, and senior debt. Absa tailored the structure to align with CBE’s project requirements, from initial equipment acquisitions to extended asset financing. Developers throughout the continent frequently encounter delays at various stages, and the bank asserts that the blended structure aims to prevent projects from stagnating prior to commencement.
Pieter Joubert, CBE’s deputy CEO, stated that inconsistent grid supplies, high generation costs, and frequent outages continue to pose significant obstacles for enterprises operating in African markets.
According to billionaire Africa, CBE has emerged as a prominent supplier of commercial and industrial power systems across the continent. The concept provides clients with solar and battery solutions devoid of initial capital obligations, a configuration that has drawn customers from the mining, telecommunications, and heavy industry sectors. The recent funding enables CBE to continue expanding its project backlog, including the solar and battery baseload facility under development for Kamoa Copper in the Democratic Republic of Congo. The mine is among the largest in Africa and serves as a crucial case study for extensive private renewable energy supply.
Absa funding for CBE strengthens projects
Absa asserts that the collaboration corresponds with its overarching strategy to support an energy transition beneficial to African enterprises aiming to minimize interruptions. Shirley Webber, managing executive for resources and energy at Absa CIB, stated that access to dependable and sustainable electricity is increasingly linked to economic competitiveness throughout the area. She stated that banks have a crucial role in addressing finance deficiencies that impede renewable development.
The commitment occurs during a time of transformation at Absa. Since relinquishing the Barclays Africa designation in 2018, the bank has endeavored to enhance its retail and SME presence throughout the continent while augmenting its technological expenditures. Fihla, who assumed the role of group CEO in June 2025 following an extensive career at Standard Bank, is guiding the financial institution through what it perceives as a moment of expansion.
