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 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 (USD 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 wellestablished 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.
Bboxx is a next-generation utility, transforming lives and unlocking potential through access to energy. Bboxx manufactures, distributes, and finances decentralized solar-powered systems in developing countries. It is scaling through forging strategic partnerships and its innovative technology Bboxx Pulse®, a comprehensive management platform using IoT technology. Through affordable, reliable, and clean utility provision, Bboxx is bringing people into the digital economy, creating new markets, and enabling economic development in off-grid communities and those living without a reliable grid connection. The company is positively impacting the lives of more than 2.5 million people with its products and services across sub-Saharan Africa, directly contributing to 11 of the 17 United Nations
Sustainable Development Goals.
So far, Bboxx has deployed more than 500,000 solar home systems. Bboxx has over 1000 staff across nine offices including in the Democratic Republic of Congo, Kenya, Rwanda, and Togo, with its head office in the UK and its manufacturing operations in China. In 2019, Bboxx was the winner of the Zayed Sustainability Prize in the Energy category – a testament to the way the company is making a meaningful difference to people’s lives around the world. You can find further information about Bboxx on its website at https://www.bboxx.com
About InfraCo Africa
InfraCo Africa is part of the Private Infrastructure Development Group (PIDG) and seeks to alleviate poverty by mobilising investment into sub-Saharan infrastructure projects. It does this by investing directly into early-stage projects or by funding experienced teams to provide project development leadership. This transaction is achieved through its investments arm, InfraCo Africa Investment, which can provide equity to close a financing gap and start construction or fund innovative solutions that need support to scale-up, to pilot new products or enter new markets. InfraCo Africa is funded by the governments of the United Kingdom (through FCDO), the Netherlands (through DGIS) and Switzerland (through SECO). To find out more visit: www.infracoafrica.com
About the Private Infrastructure Development Group (PIDG):
PIDG is an innovative infrastructure project developer and investor which mobilises private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and south-east Asia. PIDG investments promote socio-economic development within a just transition to net zero emissions, combat poverty and contribute to the Sustainable Development Goals (SDGs).
PIDG delivers its ambition in line with its values of opportunity, accountability, safety, integrity, and impact. Since 2002, PIDG has supported 171 infrastructure projects to financial close which provided an estimated 217 million people with access to new or improved infrastructure. PIDG is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia, Sweden, Germany and the IFC. To find out more visit: www.pidg.org