Infrastructure investment mobilisation organisation InfraCo Africa will provide $15-million by way of convertible loan notes to decentralised solar-powered systems company Bboxx to enable it to accelerate its provision of clean energy solutions to millions of people in existing and new markets across sub-Saharan Africa.
To date, Bboxx has successfully delivered clean energy solutions for more than 2.5-million people globally, with substantial operations in countries including Rwanda, Kenya, Togo, Nigeria and the Democratic Republic of Congo.
This announcement follows the investment by InfraCo Africa’s sister company GuarantCo, which provided a $15-million loan partial guarantee in support of Bboxx’s operations in Kenya.
“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,” InfraCo Africa chief investment and risk officer Claire Jarratt says.
“Our investment will also enable Bboxx to unlock further private sector finance, which is a key driver of the [InfraCo Africa parent organisation private infrastructure investment organisation Private Infrastructure Development Group] and InfraCo Africa mandate,” she adds.
“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, which is significantly aiding our mission to transform the lives of millions in the developing world and helping to reach the United Nations Sustainable Development Goal 7 to provide clean energy for all,” says Bboxx CEO and co-founder Mansoor Hamayun.
“We thank InfraCo Africa for their vote of confidence in our operations and joining us in the recognition that energy is the key to unlocking inclusive and sustainable economic development in these markets,” he says.
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 with traditional grid infrastructure.