Read the original full article here from Bboxx
Bboxx, a super platform providing access to essential products and services, and its partner EDF, a global leader in low-carbon energies, in Togo, have secured an €11m loan from the Off Grid Energy Access Fund (“OGEF”) managed by Lion’s Head Global Partners Asset Management (“LHGPAM”), enabling them to ramp up their clean electrification delivery in Togo.
The loan will support Bboxx’s expansion in the country to continue distributing solar home systems to last mile customers, with the objective to reach 1.5 million people by 2030. This is the target set by the Government of Togo as part of its National Electrification Strategy to meet the Sustainable Development Goal of affordable, reliable and sustainable energy for all by 2030.
Bboxx have been operating in Togo with EDF since 2018 and this deal marks the latest achievement in their longstanding partnership. In 2019, Bboxx EDF customers received the first ever Government subsidy in Africa for solar energy payments, and to date, the scheme has positively impacted over 300,000 Togolese, providing homes, communities and businesses with access to reliable and clean energy.
The loan from OGEF, a sustainable impact investment fund aimed at providing financing solutions to bring affordable energy access to communities living off grid, demonstrates the key role of private sector in scaling energy access to low-income households.
Mansoor Hamayun, CEO and Co-Founder of Bboxx, said: “This financing facility will help us to significantly expand our product offering with EDF, widening our distribution network in the country and placing us well on our way to providing 1.5 million Togolese with clean energy by 2030.
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. However, when looking at the wider industry, a lot more still needs to be done when it comes to unlocking sustainable financing and innovation. Loans such as these are vital for us to deliver clean solutions in line with the UN’s Sustainable Development Goals, positively transforming lives and unlocking potential through bringing many more people into the digital economy.”