Bank Of America, Crossboundary Partner for RE Expansion Across Africa

• Bank of America will sustain distribution of about 255 MW of solar as well as wind generation and also 50 MWh of storage projects by CrossBoundary.
• CrossBoundary is presently delivering a portfolio of $230 million in projects for more than 30 business customers throughout 14 African nations.

Renewable energy players, governments and also banks are leaving no stone unturned to broaden the implementation of RE via pacts and arrangements on the sidelines of COP-27. African renewable energy conglomerate CrossBoundary Energy has announced in Sharm el-Sheikh, Egypt at the COP27 concerning their intention to check out financing options with Bank of America to swiftly scale its financial investments in renewable energy options for commercial and also industrial companies across Africa.

Bank of America held that the cooperation with CrossBoundary acts as an instance of a mixed finance deal driving resources flow into Emerging Markets and also will certainly support distribution of about 255MW of solar as well as wind generation as well as 50MWh of storage space projects by CrossBoundary.

CrossBoundary claims that it gives tailored, totally funded renewable energy solutions to its corporate customers, allowing them to prevent upfront capital investment and also technical dangers, while still benefitting from cheaper, cleaner, and also much more reputable power. CrossBoundary is currently providing a portfolio of $230 million in projects for more than 30 corporate customers across 14 African countries and also is the renewable energy carrier of choice for several market-leading business existing in Africa, consisting of Unilever, Diageo, Rio Tinto, Heineken, as well as AB InBev.

Matt Tilleard, founder and Handling Partner, CrossBoundary Group, claimed, "COP27 is a proper background to express our shared commitment to broaden large-scale renewable resource projects in Africa. We are proud to be collaborating with Bank of America, and as well as development finance establishments, to develop a more sustainable future in the area."

Karen Fang, Global Head of Sustainable Finance, Bank of America, said, "We believe emerging markets require the net zero shift as much as industrialized markets, and also as part of our own commitment to attain net zero prior to 2050 and our $1.5 trillion sustainable finance commitment by 2030, are guaranteeing climate finance capital are flowing in a targeted and equitable manner." Fang claimed that her organisation looks expect collaborating with CrossBoundary that has pan-Africa existence.

In 2021, Bank of America set an objective to attain net-zero greenhouse gas emissions in financing tasks, operations as well as supply chain before 2050. As part of the company's commitment to release $1.5 trillion in sustainable finance by 2030, roughly $250 billion of funding was set in motion as well as released aligned with the United Nations Sustainability Development Goals in 2021.