- Bank of America and CrossBoundary Energy are exploring
opportunities with development finance institutions to structure a
blended finance loan facility that will support
CrossBoundary's efforts to scale commercial and industrial
renewable energy projects and battery storage solutions in
Africa.
- Finance facilities will support CrossBoundary's development
pipeline of approximately 255MW of solar and wind generation and
50MWh of storage projects.
SHARM
EL-SHEIKH, Egypt,
Nov. 8,
2022 /PRNewswire/ -- CrossBoundary Energy, a leading
developer, owner, and operator of commercial and industrial
renewable energy projects in Africa, announced today in Sharm el-Sheikh,
Egypt at the COP27 United Nations Climate Change Conference,
their intention to explore financing solutions with Bank of
America, to rapidly scale its investments in renewable energy
solutions for commercial and industrial businesses across
Africa. The collaboration serves as an example of a blended
finance transaction driving capital flow into Emerging Markets and
will support CrossBoundary's delivery of approximately 255MW of
solar and wind generation and 50MWh of storage projects.
CrossBoundary Energy provides tailored, fully financed renewable
energy solutions to its corporate customers, allowing them to avoid
upfront capital expenditure and technical risks, while still
benefitting from cheaper, cleaner, and more reliable power.
CrossBoundary is currently delivering a portfolio of $230
million in projects for more than 30 corporate customers across 14
African countries and is the renewable energy provider of choice
for several market-leading companies present in Africa, including Unilever, Diageo, Rio Tinto,
Heineken, and AB InBev.
Matt Tilleard, co-founder and
Managing Partner, CrossBoundary Group said, "We are very excited to
be able to share this news alongside Bank of America during
COP27, hosted on the African
continent, given our common goal of bolstering sustainable
development in emerging markets. COP27 is an appropriate backdrop to articulate
our shared commitment to expand large-scale renewable energy
projects in Africa. We are proud to be working with Bank of
America, and as well as development finance institutions, to build
a more sustainable future in the region."
Karen Fang, Global Head of
Sustainable Finance, Bank of America said, "Bank of America
recognizes the importance of developing renewable energy
infrastructure in Africa, where
energy is lacking on a consumer level and commercial operations are
hampered by outages. We believe emerging markets need the net zero
transition as much as developed markets, and as part of our own
commitment to achieve net zero before 2050 and our $1.5 trillion sustainable finance commitment by
2030, are ensuring climate finance capital are flowing in a
targeted and equitable manner. We look forward to working
with CrossBoundary, which has a solid track record in renewable
energy deployment in Africa and a
robust development pipeline, and hope this example paves the way
for more sustainable development in emerging markets."
Bank of America has set tangible sustainable finance goals and
made measurable progress in mobilizing and scaling capital
deployment to help drive social and environmental change. In 2021,
Bank of America set a goal to achieve net-zero greenhouse gas
emissions in financing activities, operations and supply chain
before 2050. As part of the company's commitment to
deploy $1.5 trillion in sustainable
finance by 2030, approximately $250
billion of capital was mobilized and deployed aligned
with the United Nations Sustainability Development Goals in
2021.
BofA has experience lending and arranging renewable energy
financing in a number of regions, including distributed solar
financing solutions for residential and commercial and industrial
customers in emerging markets. BofA is also recognized as an
M&A and capital markets leader across emerging
markets.
CrossBoundary Energy
CrossBoundary Energy is a leading developer, owner, and operator
of distributed renewable energy solutions for businesses across
Africa, providing cheaper and
cleaner energy through power purchase and lease agreements.
CrossBoundary Energy is currently delivering a portfolio of over
US$230M of solar renewable energy
assets for clients including Unilever, Diageo, Rio Tinto, Heineken,
and AB InBev, and was recently recognized by African Solar Industry
Association as "Solar Company of the Year". Learn more at
www.crossboundary.com/energy/.
CrossBoundary Energy is a member company of the CrossBoundary
Group, a mission-driven investment firm committed to unlocking
capital for sustainable growth and strong returns in underserved
markets. Learn more at www.crossboundary.com.
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 68 million consumer and small business clients with
approximately 3,900 retail financial centers, approximately 16,000
ATMs and award-winning digital banking with approximately 56
million verified digital users. Bank of America is a global leader
in wealth management, corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million
small business households through a suite of innovative,
easy-to-use online products and services. The company serves
clients through operations across the
United States, its territories and approximately 35
countries. Bank of America Corporation stock (NYSE: BAC) is listed
on the New York Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom and register for news email alerts
Reporters may contact:
Kymberly Bays, CrossBoundary
Group
Global Head of Communications
Mobile: +254 (0)701.380.433
communications@crossboundary.com
Sheryl Lee, Bank of America
Phone: +1.657.234.9950
sheryl.lee2@bofa.com
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SOURCE Bank of America Corporation