GHANA – British renewable energy provider, Bboxx has reportedly acquired PEG Africa, a solar home systems provider based in Accra, Ghana in a deal worth US$200 million.
The acquisition subject to approval from Ghanaian authority and PEG Africa’s financial partners marks a major step in Bboxx’s expansion in West Africa.
PEG Africa based in Accra, provides decentralized solutions for access to electricity in rural areas via solar photovoltaic energy.
Founded in 2010 by Mansoor Hamayun, Christopher Baker-Brian, and Laurent Van Houcke Bboxx brings electricity into homes across Africa through an affordable pay-as-you-go renewable energy supply.
The company has since added clean water and clean cooking to its line of offerings helping more than 5 million people access clean energy.
According to one source, Bboxx’s overarching ambition is to become one of the biggest next-generation utility companies in the world.
Since Africa is a significant focal point, followed by Asia, which it has expanded into, Bboxx is ready to consolidate its position by merging with or acquiring existing energy startups.
The company is currently present in 7 African countries—Burkina Faso, Nigeria, Rwanda, DR Congo, Togo, Guinea, and Kenya and has raised US$50 million from its most recent Series D round.
The company has the support of local authorities, including Nigeria’s Rural Electrification Agency (REA), which has signed an initial performance-based grant (OBF) with Bboxx’s Nigerian subsidiary for the electrification of 70,000 rural households.
At the same time, the company continues to expand in the Democratic Republic of Congo (DRC), where it has strengthened its partnership with the government to provide access to electricity and clean cooking for 3 million people by 2024 and 10 million people by 2030.
To date, Bboxx has already deployed more than 500,000 solar home systems, impacting the lives of nearly 2 million people, primarily in sub-Saharan Africa.
Meanwhile, PEG Africa was founded in 2013 and provides a pay-as-you-go alternative to electricity to over 700 million Africans without access to electricity.
The business started in Ghana and has expanded into Mali, Senegal, and Côte d’Ivoire. It has collectively served more than 2 million people and raised US$65 million in funding.
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