AFRICA – The Africa Go Green Fund for Renewable Energy and Energy Efficiency (AGG), has signed a second transaction for a US$5.5milion loan with Bboxx, a next-generation utility expanding access to clean energy and clean cooking across Africa.
Africa Go Green Fund for Renewable Energy and Energy Efficiency was launched by the German Development Agency (KfW) to promote private investments that mitigate or reduce greenhouse gas emissions.
The latest agreement announced between AGG and Bboxx will help drive efforts to overcome barriers to clean cooking adoption by providing accessible commercial solutions including addressing issues such as distribution complexity and a lack of customer purchasing power, in a step towards ensuring clean energy access for all.
The company has also introduced an environmentally friendly cooking solution that runs on liquefied petroleum gas (LPG) which is an alternative to firewood and charcoal, the production of which causes deforestation.
According to AGG, the loan to Bboxx will also reduce CO2 emissions by 760,000 tons, equivalent to the emissions of 150,000 personal cars driven regularly over a one-year period.
“With the climate crisis continuing to gather at pace, it is now more vital than ever that the provision of clean energy for all is accelerated, in line with the UN’s SDG7 - clean energy for all”
Bboxx is an industry leader and a global pioneer of Pay-As-You-Go (PAYG) solar home systems and more recently LPG clean cooking stoves solutions.
Operating across the DRC, Rwanda, Togo, Kenya, Nigeria, and Burkina Faso, their innovative products are priced and sized to be accessible by low-income households and are sold on credit plans that are priced to fit.
Mansoor Hamayun, Chief Executive Officer and co-founder of Bboxx commented: “With the climate crisis continuing to gather at pace, it is now more vital than ever that the provision of clean energy for all is accelerated, in line with the UN’s SDG7 – clean energy for all. This is especially true for areas where a significant proportion of the population is living without access to electricity or clean cooking facilities, and we are therefore delighted that this loan will enable us to ramp up our delivery of affordable, clean electricity and clean cooking solutions across Africa. We are pleased to work with AGG and thankful for their support and recognition of the importance of our endeavors, forming part of our wider mission to transform lives and unlock potential in the developing world.”
Through its solutions, Bboxx has already impacted the lives of 2 million people, including in Asia where it also operates.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE HERE