BBoxx, a designer, manufacturer, distributor, and financer of plug & play solar systems, has acquired PEG Africa, a provider of distributed energy in West Africa.
This deal gives Bboxx access to ten new markets, including Senegal, Ivory Coast, Ghana, and Mali.
Financials have not been disclosed. Lions Head Global Partners advised Bboxx.
Through the acquisition of PEG, Bboxx consolidates its position as a leading source of clean energy solutions in Africa, with over 35 MW of installed solar capacity.
Mansoor Hamayun, CEO and Co-Founder of Bboxx, said: “We founded Bboxx 12 years ago with the goal of transforming lives and unlocking the potential of billions of underserved customers through access to essential products and services, including clean energy, clean cooking, and financial services. While we have made great strides in this mission, there is still plenty more to do. In West Africa alone, there are over 150 million people with no access to electricity. By gaining access to new markets and utilizing PEG’s impressive operational experience, we will strive to change that.”
“PEG’s founders, Hugh and Nate, have built an exceptional company that has changed a million lives for the better. Their dedicated team, excellent customer service, and focus on the customer experience will only make Bboxx stronger as we come together to continue to drive economic development across Africa. I am delighted to be bringing PEG into the Bboxx family,” added Mansoor.
According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, in 1H 2022, there were 53 solar M&A transactions compared to 54 transactions in 1H 2021. RWE, a German energy utility company, recently acquired Alpha Solar, a Polish PV solar developer. With this transaction, RWE takes over a 3 GW solar project pipeline in Poland. The acquisition adds to RWE’s existing global development pipeline of 10 GW in solar projects.