• Inspired Evolution invests $40 million in CrossBoundary Energy
• Funding supports industrial solar projects across mining and telecom sectors
• Projects expand as Africa attracts limited global renewable investment

Investment fund Inspired Evolution said on Thursday it had taken a $40 million stake in CrossBoundary Energy, a developer of renewable energy projects across several African countries. The transaction was structured with support from Cygnum Capital, which is also active in the sector on the continent.

“Inspired Evolution’s investment reflects confidence in our execution and in the results we have already delivered in Africa,” said Tom Roberts, chief investment officer at CrossBoundary Energy. “Its experience in financing renewable energy projects will be invaluable as we expand our footprint.”

An expanding industrial solar model

The funding comes as CrossBoundary Energy moves forward with several projects targeting industrial clients. In the Democratic Republic of Congo, the firm is developing a 222-MWp solar plant with battery storage to supply the Kamoa-Kakula copper mine, under a power purchase agreement signed in April 2025.

It is also preparing to build a hybrid energy system for the Baomahun gold mine in Sierra Leone, operated by FG Gold.

These projects follow a similar model: CrossBoundary Energy finances, builds and operates renewable installations for industrial clients, particularly in the mining and telecommunications sectors. Clients pay only for the electricity they use, avoiding upfront capital costs and easing the adoption of low-carbon energy.

The latest funding adds to earlier financing secured by the company, including $200 million in senior debt announced in November 2025 and a $495 million guarantee from the Multilateral Investment Guarantee Agency (MIGA).

These deals come at a time when sub-Saharan Africa accounted for about 2% of global renewable energy investment in 2024, according to the International Energy Agency.

Abdoullah Diop