Johannesburg-based Absa Group, under the leadership of CEO Kenny Fihla, has pledged R1.7 billion ($100 million) to CrossBoundary Energy (CBE) to expand renewable energy projects across Africa, in a move aimed at addressing the continent’s persistent electricity shortages.
The financing package, structured by Absa Corporate and Investment Banking, includes three instruments: a subordinated debt facility, an equity bridge loan, and senior debt. Together, the facilities are designed to support CBE’s equity needs, equipment procurement, and early-stage asset financing for new solar and battery projects. Absa said the arrangement targets the critical stages where many African energy initiatives face funding gaps.
Pieter Joubert, Deputy CEO of CBE, highlighted the impact of unreliable national grids on businesses, noting that the new capital will enable the company to provide stable, clean electricity to sectors such as mining, manufacturing, and telecommunications. “Reliable power shouldn’t be a luxury,” Joubert said, adding that clients increasingly demand uninterrupted energy to sustain operations.
CBE, a leading supplier of off-grid solar and battery systems, allows commercial and industrial customers to access electricity solutions without upfront capital. The company’s pipeline includes a major solar and battery baseload facility for Kamoa Copper in the Democratic Republic of Congo, one of Africa’s largest mining operations.
Absa described the partnership as part of its broader commitment to sustainable energy and economic competitiveness in Africa. Shirley Webber, Managing Executive for Resources and Energy at Absa CIB, said financial institutions have a critical role in bridging investment gaps that slow down the adoption of renewable energy on the continent.
The commitment comes as Absa, rebranded from Barclays Africa in 2018, strengthens its footprint across key markets. Under Fihla, who became CEO in June 2025, Absa reported a first-half 2025 revenue of R49.31 billion ($2.78 billion), up 8.6 percent year-on-year, with headline earnings rising 16.6 percent to R11.87 billion ($670.7 million). In July, the bank also partnered with Chinese automaker BYD to support green-vehicle financing in South Africa.
Absa’s investment is among the largest recent financing deals for African renewables and reflects the growing prioritisation of sustainable power solutions as the continent seeks to reduce energy gaps while promoting a clean energy transition.
