British cleantech company Bboxx has acquired Ghana-based pay-as-you-go solar company, PEG Africa. The acquisition adds Ghana, Ivory Coast, Mali, and Senegal to Bboxx’s operating markets, bringing their number to 10 countries.
PEG Africa, a solar energy pioneer in West Africa, is one of the largest providers of distributed energy in the region and one of Africa’s fastest-growing firms. Its operational and credit experience will benefit Bboxx while the customers of PEG Africa will get access to new products, services, and digitalization with Bboxx Pulse®.
The recently announced acquisition will open up the West African market to Bboxx. Through this acquisition, Bboxx cements its position as the leading super platform for providing clean energy, clean cooking, and accessible financial products to millions of people on the continent.
Although the financial details for the acquisition were not disclosed, talks announced in May this year, included a financial proposal of $200 million. This new move will transform the African utility sector by making Bboxx and its group of companies a driving force behind access to goods and services for underserved communities.
Mansoor Hamayun, CEO and Co-Founder of Bboxx, highlighted that there are over 150 million people in West Africa who have no access to electricity. By gaining access to the new markets in the region and utilizing PEG’s impressive operational experience, Bboxx will strive to change this fact.
Hugh Whalan, CEO & Co-Founder of PEG Africa, said “We have built a pioneering energy provider in West Africa and have been extraordinarily lucky to do it with a group of remarkable people who are passionate about making a positive impact in the world. We look forward to having an even greater impact with the bigger scale that is achieved through joining forces with Bboxx.”