Kenya
Bboxx
Provide a KES 1.2 bn ($10.6m equivalent) partial guarantee (75%) to SBM bank with a 5-year tenor to provide 86k solar home system units in Kenya.
Increase access of reliable electricity to 451k consumers to improve quality of life and avoid/ reduce greenhouse gas emissions through the displacement of nontraditional fuels.
Total commitment
$10.6m
Direct impact on people
SDG assessment 7.1 + 7.2 – Access to affordable and reliable renewable energy.
Expected impact 451k consumers are expected to benefit. Over 50% will be first time users and 9% will be below the international poverty line.
Direct impact on planet
SDG assessment 13 – Climate change mitigation.
Expected impact Avoid/reduce greenhouse gas emissions through the displacement of nontraditional fuels.
Market transformation
- Challenge: Historically investments in the off-grid SHS sector have been made in hard currency which can expose companies to significant exchange risks.
- Channel: Enabling better matching of currency of funding with operations and collections through mobilising local currency from a Kenyan Bank.
- Outcome: Replication of local currency loans to SHS businesses from domestic banks
Mobilisation
Mobilised $14.1m (KES 1.6bn) from SBM Bank. This will be Bboxx’s first LCY transaction and one the first loans provided by a Kenyan bank to a company in the solar home system sector.
Climate risk
- Transition: Low – Paris aligned.
- Physical: Risks considered and where possible mitigated.
Gender
40% of the Kenyan workforce will be women.