Private money is finding its way to help Africans get access to clean energy and its latest recipient is plug-and-play solar systems company Bboxx that has raised €11 million loan from the Off Grid Energy Access Fund (OGEF), managed by Lion's Head Global Partners Asset Management (LHGPAM), to help expand its Togolese operations.
Bboxx says the loan will enable it to continue distributing solar home systems (SHS) to last mile customers as it targets to reach 1.5 million people in the country by 2030, where it operates with France's EDF since 2018.
It will help bring affordable energy access to communities living off-grid, which is the motto of sustainable investment fund OGEF.
"Loans such as these are vital for us to deliver clean solutions in line with the UN's Sustainable Development Goals, positively transforming lives and unlocking potential through bringing many more people into the digital economy," said Bboxx CEO and Co-Founder Mansoor Hamayun.
While this is a welcome news, it isn't enough as Bloomberg New Energy Finance (BloombergNEF) found out in a recent report that found clean energy investment in Africa at an alarmingly low level with a 35% annual decline from 2021. Experts believe international investment needs to increase, with local participation to help boost deployment rates (see RE Investment Dropped To 11-Year Low In Africa In 2021).
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