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Bboxx Energy Access Nigeria and Rural Electrification Agency Nigeria (REA Nigeria) has signed an Output-Based Fund (OBF) grant agreement, under the Solar Home Systems (SHS) component of the Nigeria Electrification Project (NEP).
The deal anticipates the deployment of a total of 15,442 solar home systems by Bboxx Energy Access Nigeria towards transforming the lives of thousands of people with clean, reliable, and affordable electricity.
The Managing Director of Bboxx Energy Access Nigeria, Ernest Akinlola, mentioned at the signing event of the output-based fund, that the $60 million funds will allow Bboxx Nigeria to receive grants in the form of subsidies for SHS installation in rural areas for households and micro, small, and medium enterprises (MSMEs).
“Bboxx met all the requirements for inclusion into the scheme as part of the qualification process. This is also a testament to the hard work and effort of the global team at Bboxx Ltd, Bboxx Capital, and Bboxx Energy Access Nigeria Limited. I would like to acknowledge the excellent support from the REA and NEP PMU team in helping us achieve our common goal of providing energy access to the most vulnerable,” Akinlola commented.
Bboxx, a next-generation utility, was officially launched in Nigeria in October 2021. Bboxx is transforming lives and unlocking potential through access to energy, providing new solutions to Nigeria’s electrification challenges by expanding access to solar home systems. The OBF grant will advance Bboxx’s commitment to providing reliable, sustainable, clean power to 20 million Nigerians in the next 10 years.
More than 40% of Nigerians are living without access to electricity, and the percentage rises to 74% for the rural population. There is a significant opportunity to positively impact the lives of millions of Nigerians through clean energy provision. Supporting rural communities, small business owners, and market traders remain a key focus in the path towards the development of clean energy.