InfraCo Africa invests to accelerate Bboxx’s growth and geographic expansion
13 May 2022, Casablanca, Morrocco: ARE Member InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has signed an agreement committing to provide US $15 million by way of convertible loan notes to ARE Member Bboxx, a next generation utility ramping up the provision of clean, reliable, and affordable energy access to underserved communities in Africa.
To date, Bboxx has successfully delivered clean energy solutions for over 2.5 million people globally, with substantial operations in countries including Rwanda, Kenya, Togo, Nigeria, and the Democratic Republic of Congo. This investment will enable Bboxx’s acceleration in existing and new markets across sub-Saharan Africa to provide clean energy solutions to millions of people in the region.
Bboxx’s systems run on its comprehensive management platform Bboxx Pulse®, enabling clean energy access to be scaled to places previously considered too expensive or difficult to reach via traditional grid infrastructure.
InfraCo Africa has a strong track record in the off-grid solar space, with mini-grid initiatives in Uganda, Sierra Leone and Kenya and the company also supports solar-powered irrigation in Senegal. This agreement with Bboxx marks the company’s first investment in the SHS space, in line with InfraCo Africa’s desire to broaden access to clean energy across rural areas and communities using alternative models.
With this transaction, Bboxx and InfraCo Africa are also aligned in their commitment to contribute to United Nation’s Sustainable Development Goals: Affordable and Clean Energy for all (SDG 7), Gender Equality (SDG 5) and Climate Mitigation (SDG 13) through increasing access to clean and reliable energy.
Today’s announcement follows the investment of InfraCo Africa’s sister PIDG company, GuarantCo, which provided a KES 1.6bn (US$15 million) loan partial guarantee in support of Bboxx’s operations in Kenya.
Mansoor Hamayun, CEO and Co-Founder of Bboxx, said: “The global problem of insufficient energy access can only be solved sustainably through the provision of innovative financing solutions. We are therefore delighted to announce this transaction with InfraCo Africa, significantly aiding our mission to transform the lives of millions in the developing world and helping to reach the UN’s SDG7 – clean energy for all. We thank InfraCo Africa for their vote of confidence in our operations, joining us in the recognition that energy is the key to unlocking inclusive and sustainable economic development in these markets.”
Claire Jarratt, InfraCo Africa’s Chief Investment and Risk Officer, said: “Bboxx is clearly a well-established and exciting player in the clean energy sector, especially in the solar home systems’ space. Today’s 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. Our investment will also enable Bboxx to unlock further private sector finance, a key driver of the PIDG and InfraCo Africa mandate.”