Kenny Fihla-led Absa channels $100m into African green power

Absa Group, the Johannesburg-based financial services provider led by South African executive Kenny Fihla, has committed up to R1.7 billion ($100 million) to CrossBoundary Energy (CBE) to expand renewable power projects across Africa, marking one of the largest recent financing deals aimed at easing the continent’s chronic electricity shortages.

The funding package, arranged by Absa Corporate and Investment Banking, includes three separate facilities: a subordinated debt facility, an equity bridge loan and senior debt. Together, these facilities cater to CBE’s equity requirements, asset financing and the early equipment procurement for new solar and battery projects. Absa sees the structure as a practical way to help developers secure capital at the stages when many African energy projects typically stall.

Absa pushes sustainable energy support

Pieter Joubert, deputy CEO of CBE, said Africa’s power challenges—ranging from unreliable grids to high operating costs—continue to hinder companies across sectors. He noted that the new capital gives CBE more room to build out systems that offer businesses a dependable source of clean electricity. “Reliable power shouldn’t be a luxury,” Joubert said, adding that CBE’s clients are looking for stability that many national grids still struggle to provide.

CBE has grown into one of the continent’s top suppliers of power solutions for commercial and industrial customers, offering solar and battery systems that require no upfront capital from clients in mining, manufacturing and telecoms. The new funding allows CBE to keep building its pipeline, including major projects such as the solar and battery baseload facility for Kamoa Copper in the Democratic Republic of Congo, one of Africa’s biggest mining operations.

The partnership, according to Absa, reflects the bank’s broader plan to support a fair energy transition and help African firms reduce power disruptions. Shirley Webber, managing executive for resources and energy at Absa CIB, said access to stable and sustainable electricity is increasingly tied to the region’s economic competitiveness. She added that banks have a role to play in closing the financing gaps slowing down renewable projects.

Absa advances under Kenny Fihla with growth

Absa’s commitment comes during a period of change at the bank. Since rebranding from Barclays Africa in 2018, the lender has worked to strengthen its position across key African markets by expanding retail and SME banking and investing in technology. Kenny Fihla who became Group CEO in June 2025 after a long career at Standard Bank is now guiding the bank into its next phase.

Early results under his leadership have been strong. Absa posted revenue of R49.31 billion ($2.78 billion) in the first half of 2025, up 8.6 percent from a year earlier, while headline earnings rose 16.6 percent to R11.87 billion ($670.7 million). The bank is also widening its sustainability efforts. In July, it partnered with Chinese automaker BYD to finance green-vehicle purchases in South Africa, aimed at boosting access to new-energy cars.