Asafo & Co. advised Norfund, the Norwegian investment fund for developing countries, in its $40 million equity investment alongside KPL, Norway’s largest pension fund, in CrossBoundary Energy, a leading developer, owner, and operator of commercial and industrial renewable energy systems in Africa.
The investment, announced on July 14, and is being made through a joint company, KLP Norfund Investments AS., and will allow CrossBoundary Energy to further scale its investments in renewable energy solutions for commercial and industrial businesses across Africa. The secured funding is in addition to $40 million in equity invested in CrossBoundary Energy by ARCH Emerging Markets’ Africa Renewable Power Fund in 2020.
The ASAFO & CO. team advising Norfund included Casablanca based partner, Patrick Larrivé, who was assisted by associates Martin Van Box Som and Christy Komba-Malongo, as well as associate Sayo Ogundele based in London. White & Case advised CrossBoundary Energy and ARCH Emerging Markets.