Casablanca, Morrocco: 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 (US$15 million) loan partial guarantee in support of Bboxx’s operations in Kenya.
Mansoor Hamayun, CEO and Co-Founder of Bboxx, said: