England headquartered and Africa focused off-grid electric utility Bboxx has raised $15 million from InfraCo Africa to expand its reach to various existing and new markets across Sub-Saharan Africa.
Bboxx said the investment under the agreement will enable it to deliver clean, reliable and affordable energy access to underserved communities in Africa. It reaches out through its comprehensive management platform Bboxx Pulse that, it adds, enables clean energy access to be scaled to places previously considered too expensive or difficult to reach via traditional grid infrastructure.
"Today's investment by InfraCo Africa will further support Bboxx in its continued growth, supplying clean energy solutions for hundreds of thousands of customers across sub-Saharan Africa in the coming years," said InfraCo Africa's Chef Investment and Risk Officer, Claire Jarratt. "Our investment will also enable Bboxx to unlock further private sector finance, a key driver of the PIDG and InfraCo Africa mandate."
Part of the Private Infrastructure Development Group (PIDG), InfraCo Africa says this is its 1st investment in the solar home systems (SHS) space and is aligned with its target to expand clean energy to rural areas and communities using alternative models.
The investment follows KES 1.6 billion ($15 million) financing for Bboxx by PIDG sister company GuarantCo and SBM Bank Kenya for its Kenyan operations.
A September 2021 report by Bboxx and UCL links economic prosperity in Sub-Saharan Africa with off-grid solar and stressed on gender inclusive and gender sensitive energy policies to foster more inclusive economic prosperity (see Bboxx & UCL's Off-Grid Electricity Report).