AFRICA – InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has signed an agreement committing to provide US$15 million by way of convertible loan notes to Bboxx, a next generation utility ramping up the provision of clean, reliable, and affordable energy access to underserved communities in Africa.
To date, Bboxx has successfully delivered clean energy solutions for over 2.5 million people globally, with substantial operations in countries including Rwanda, Kenya, Togo, Nigeria, and the Democratic Republic of Congo.
Bboxx’s systems run on its comprehensive management platform Bboxx Pulse, enabling clean energy access to be scaled to places previously considered too expensive or difficult to reach via traditional grid infrastructure.
“The global problem of insufficient energy access can only be solved sustainably through the provision of innovative financing solutions,” Mansoor Hamayun, CEO and Co-Founder of Bboxx, said.
“We are therefore delighted to announce this transaction with InfraCo Africa, significantly aiding our mission to transform the lives of millions in the developing world and helping to reach the UN’s SDG7 – clean energy for all.
“We thank InfraCo Africa for their vote of confidence in our operations, joining us in the recognition that energy is the key to unlocking inclusive and sustainable economic development in these markets.”
This agreement with Bboxx marks the company’s first investment in the SHS space, in line with InfraCo Africa’s desire to broaden access to clean energy across rural areas and communities using alternative models.
With this transaction, Bboxx and InfraCo Africa are also aligned in their commitment to contribute to United Nation’s Sustainable Development Goals: Affordable and Clean Energy for all (SDG 7), Gender Equality (SDG 5) and Climate Mitigation (SDG 13) through increasing access to clean and reliable energy.