Foley Hoag Represents CrossBoundary Energy Access in Deal with PowerGen to Provide 55,000 Rural Nigerians with Electricity

August 6, 2021

Foley Hoag LLP represented CrossBoundary Energy Access (CBEA), a project finance facility for mini-grids in Africa, in a deal with PowerGen Renewable Energy, a leading developer of on-grid and off-grid distributed energy in Africa. Under the arrangement with PowerGen, CBEA will provide long-term project financing to connect 55,000 people to electricity in rural Nigeria through 28 distributed solar PV and battery-powered mini-grids. Construction financing will be provided by Oikocredit, Triodos Investment Management (Triodos IM) and EDFI ElectriFI, along with support from grant funding provided by World Bank and the Nigeria Rural Electrification Agency’s Nigeria Electrification Project. CBEA will then purchase the grids once the systems are operational, becoming the long-term owner of the systems. This innovative transaction and financing structure allows construction financiers the opportunity to exit once the system is operational, segmenting their investment to the construction phase, and CBEA to segment its investment to long-term operation.

CrossBoundary Energy Access is part of the CrossBoundary Group, an investment and advisory firm whose mission is to unlock capital to make a strong return and a lasting difference in underserved markets globally. CBEA invests long-term equity and debt into mini-grids through a project finance structure, delivering first time grid-quality power to rural households and businesses.

Foley Hoag attorneys Mark Barnett, Daniel Clevenger, Tom Draper, Maxwell Tenney and Onyebuchi Udozorh represented CBEA in the transaction. 

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