Africa-focused plug-and-play solar systems manufacturer & distributor, Bboxx, and its partner EDF, a global leader in low-carbon energies, have secured a loan from the Facility for Energy Inclusion Off-Grid Energy Fund (FEI OGEF). The €11 million amount loan will enable the two companies to ramp up their clean electrification delivery in Togo.
The recent loan will help Bboxx to continue its expansion in Togo through the distribution of solar home systems (SHS) to last-mile customers, with the goal of reaching 1.5 million people by 2030. This target is set by the Togolese government as a part of its National Electrification Strategy to meet the Sustainable Development Goal (SDG) of affordable, reliable, and clean energy for all by 2030.
The loan from OGEF aims to bring affordable energy access to the communities living off-grid and demonstrates the key role of private sector players in scaling electricity access to low-income households. The loan will also provide financing solutions to smallholder farmers in Togo to access solar-powered irrigation.
Mansoor Hamayun, CEO and Co-Founder of Bboxx, commented, “It is encouraging that the private sector is starting to invest more deeply in green initiatives, and we are thankful for the OGEF’s recognition of the critical services and solutions we are delivering.”
Valérie Levkov, Senior Vice-President Africa & Middle-East of EDF, said, the loan will help them to accelerate development and to strengthen their position in Togo. Together with Bboxx, EDF is committed to delivering low-carbon energy solutions in the region. This totally echoes their purpose of building a net-zero energy future and driving economic development.
Alban Deheunynck, Executive Director at Lion’s Head Global Partners Asset Management, the firm which manages OGEF, said, Bboxx and EDF have developed the leading off-grid clean energy utility in Togo and have played an essential role in delivering the energy mix diversification plan of the government. The fund will enable the Bboxx-EDF partnership to deliver on its mission of bridging the energy access gap in this African country.
Bboxx and EDF have been jointly operating in Togo since 2018 and this recent deal marks the latest achievement in their long-standing partnership. In 2019, Bboxx-EDF customers received the first-ever Government subsidy in the country for solar energy kit payments. To date, the scheme has positively impacted more than 300,000 people in Togo, providing households, rural communities, and businesses with clean and reliable energy access.