Bboxx, a designer, manufacturer, distributor, and financer of plug & play solar systems, along with its partner EDF, a low-carbon energy company, in Togo, secured €11 million (~$11.48 million) loan from the Off-Grid Energy Access Fund (OGEF) managed by Lion’s Head Global Partners Asset Management.
The loan would support Bboxx’s expansion in Togo to continue distributing solar home systems to last-mile customers, with the objective to reach 1.5 million people by 2030, a target set by the country’s government as a part of its National Electrification Strategy.
The loan will also support smallholder farmers in Togo to access solar-powered irrigation.
The loan from OGEF, a sustainable impact investment fund, aims at providing financing solutions to bring affordable energy access to communities living off-grid and demonstrates the private sector’s key role in scaling energy access to low-income households.
Mansoor Hamayun, CEO and Co-Founder of Bboxx, said: “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. Loans such as these are vital for us to deliver clean solutions in line with the U.N.’s Sustainable Development Goals, positively transforming lives and unlocking potential through bringing many more people into the digital economy.”
Valérie Levkov, Senior Vice President for EDF’s Africa and Middle East operations, added: “It is a great satisfaction to secure this loan that will help us to accelerate our development and contribute to strengthening our position in Togo. Together with Bboxx, we are committed to enhancing the access to electricity in the region and to deliver low-carbon energy solutions.”
In 2019, Bboxx and EDF customers received the first-ever Government subsidy in Africa for solar energy payments. The program has positively impacted over 300,000 Togolese, providing homes, communities, and businesses with access to reliable and clean energy.
In September, BBoxx, acquired PEG Africa, a provider of distributed energy in West Africa, giving the company access to ten new markets in the region.
According to Mercom’s recently released 9M and Q3 2022 Solar Funding and M&A Report, total corporate funding, including venture capital funding, public market, and debt financing in 9M 2022 stood at $18.7 billion, 18% lower compared to $22.8 billion raised in 9M 2021.
