CrossBoundary Energy Access Platform (CBEAP) is a company that finances mini-grids, which are independent, decentralized electricity systems, powered by solar and other renewable energy sources, that can function separately from a national energy grid.
CBEAP’s goal is to increase access to reliable renewable energy for households and small businesses in Sub-Saharan Africa and further the platform’s key goals of connecting 200,000 homes and businesses, bringing electricity to one million people and providing a new model for financing rural electrification in Africa.
Over 600 million people in Sub-Saharan Africa lack access to energy. While access to electricity through main energy grid expansions and sources such as solar home systems continues to improve, 600 million are still expected to lack access by 2030 when population growth is taken into account. Expanding the use of mini-grids, particularly in rural areas across Africa, can help meet these needs.
Impact: Increasing access to renewable energy
The CBEAP has developed mini-grid systems that use both solar and batteries to provide 24/7 grid-quality renewable electricity to homes and small businesses in rural areas across Africa in countries such as Nigeria, South Africa, Congo, Uganda, Senegal and more.
The Praxis commitment
Praxis Mutual Funds supports organizations such as CBEAP through investments in Calvert Impact, an impact-investing institution that helps people around the world through community development financing. It’s part of the Praxis commitment to place approximately 1% of each of its funds to benefit neighborhoods and individuals through community development investments.