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PIDG member Infraco Africa has signed a deal with the UK- based power developer Bboxx to provide a loan of US$15 million to the power producer for its Africa-focused solar business. The funding will help Bboxx in accelerating the provision of clean energy solutions to the people and businesses across sub-Saharan Africa.
The financial support is provided by Infraco Africa’s sister company GuarantCo in the form of convertible loan notes. The loan will enable Bboxx to reach the underserved communities in Africa through its comprehensive management platform, Bboxx Pulse, which provides energy access to places considered too expensive or difficult to reach via traditional grid infrastructure.
InfraCo Africa’s Chief Investment and Risk Officer, Claire Jarratt, said “Bboxx is clearly a well-established and exciting player in the clean energy sector, especially in the solar home systems space. This investment by InfraCo Africa will further support Bboxx in its continued growth, supplying clean energy solutions for hundreds of thousands of customers across sub-Saharan Africa in the coming years.”
Mansoor Hamayun, Bboxx’s CEO and Co-founder said, the global problem of energy insufficiency can only be addressed sustainably through innovative financing solutions. The recent deal with InfraCo Africa is significantly aiding their mission of transforming the lives of millions in the developing nations and helping to achieve the UN’s Sustainable Development Goal 7 of providing clean energy for all by 2030.
A few months prior to this deal, Bboxx secured a loan of $5.5 million from the Africa Go Green Fund for Renewable Energy and Energy Efficiency (a fund launched by the German Development Agency, KfW) to support the distribution of Bboxx’s clean energy access kits in rural communities of sub-Saharan Africa, helping to reduce greenhouse gas emissions.
Bboxx has successfully delivered decentralized solar energy solutions to millions of people in Africa and has a significant presence in Rwanda, Kenya, DRC, Togo, Nigeria, etc. The company is reportedly negotiating the acquisition of PEG Africa and setting up its business in Ghana. This transaction, if validated, will expand Bboxx’s reach to several West African energy markets, including Mali, Ivory Coast, and Senegal.