UK headquartered plug and play solar systems supplier in Africa, Bboxx has acquired solar home systems (SHS) company and one of the largest distributed energy service providers in West Africa, PEG Africa in a move that it claims makes it and its group of companies the 'largest' network in Africa for utility services.
"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," stated Bboxx that did not disclose the financial value of the transaction.
A pay-as-you-go (PAYG) financing company, PEG Africa is mainly operating in West African nations of Senegal, Ivory Coast, Ghana and Mali having reached out to 1 million underserved people. With this acquisition, Bboxx enters these new markets expanding its geographical footprint to 10 nations.
While Bboxx will have over 250 shops and 4,000 staff and access to 3.5 million people as a result of this acquisition, combined customer payments received for its expanding range of products are likely to grow to a total of more than 2 million payments a month or 'about one per second'. It will make the company 'one of the largest digital payment platforms in Africa'.
Among Bboxx's offerings are clean energy supply, clean cooking, smartphones and loans.
"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," said CEO and Co-Founder of Bboxx, Mansoor Hamayun.
In May 2022, Bboxx raised $15 million from InfraCo Africa to expand its reach in Sub-Saharan Africa (see Bboxx Raises $15 Million From InfraCo Africa).