Oscar J Jeke – Zim Now Reporter
CrossBoundary Energy has acquired the 12.2-megawatt solar power plant at Blanket Mine from Caledonia Mining Corporation Plc for US$22.35 million, marking a significant expansion of CBE’s distributed renewable energy portfolio in Africa.
The solar plant, commissioned in 2023 at a cost of US$14.3 million, currently supplies about 25% of Blanket Mine’s energy needs. Under the new ownership, it will continue to power mine operations while laying the foundation for further energy expansion.
The deal, which yielded a substantial capital gain for Caledonia, was formalized during a handover ceremony attended by Zimbabwe’s Minister of Energy and Power Development, July Moyo.
Caledonia announced that proceeds from the sale will be reinvested into its mining operations.
CrossBoundary Energy stated that it is collaborating with Caledonia and Blanket Mine to explore renewable energy expansion at the site — a move that signals a deeper commitment to energy security and sustainability within Zimbabwe’s mining sector.
The acquisition aligns with CBE’s broader strategy to scale renewable energy solutions across Africa’s commercial and industrial sectors. Earlier this week, the Multilateral Investment Guarantee Agency, a member of the World Bank Group, announced a US$495 million framework agreement with CrossBoundary Energy Holdings to support over 100 distributed renewable energy projects in up to 20 African countries, including Zimbabwe.
MIGA’s guarantee package includes long-term political risk insurance, covering issues such as currency inconvertibility and transfer restrictions, for up to 15 years. This portfolio-based approach is designed to accelerate investment by reducing transaction costs and improving access to commercial financing, particularly in fragile and underserved markets.
“This innovative portfolio-based approach demonstrates how MIGA is making it faster and easier for investors like CrossBoundary Energy to expand across multiple African markets,” said Hiroshi Matano, MIGA Executive Vice President.
As part of its scaling strategy, CrossBoundary has appointed Standard Bank Group to arrange up to US$300 million in senior debt financing to support its pipeline of projects.
Founded in 2015 and incorporated in Mauritius, CrossBoundary Energy has deployed more than US$153 million into renewable systems. Its awarded portfolio now exceeds US$700 million across 22 countries, offering solar, wind, battery storage, and hybrid energy solutions to clients in mining, telecommunications, and industrial sectors.
CBE Managing Partner Matthew Tilleard emphasized the importance of reliable electricity for business growth in Africa. “MIGA’s support at a portfolio level will allow us to expand our provision of these power solutions across Africa and support our clients in markets that might otherwise be underserved,” he said.
In Zimbabwe, Blanket Mine is one of the country’s largest gold producers.
Caledonia’s initial investment in renewable energy marked a milestone in reducing reliance on the national grid and diesel generators.
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