The Africa Go Green Fund for Renewable Energy and Energy Efficiency (AGG) is providing a $5.5 million loan to Bboxx. The British company will use the funding to roll out its solar home systems and green cooking solution in sub-Saharan Africa.
Bboxx is securing funding to deploy its clean energy access solutions in Africa. The London, U.K.-based company is signing a $5.5 million senior secured medium-term loan with the Africa Go Green Fund for Renewable Energy and Energy Efficiency, a fund launched by the German Development Agency (KfW) to promote private investments that mitigate or reduce greenhouse gas emissions.
In rural areas of sub-Saharan Africa, Bboxx provides two environmentally friendly energy access solutions. The first is solar home systems that provide household electrification. These installations are essentially composed of solar panels and electricity storage devices. Given the low standard of living in rural areas, these stand-alone solar systems are accessible through the pay-as-you-go model widely used by solar home system providers in Africa.
The impact of the loan
The company has also introduced an environmentally friendly cooking solution that runs on liquefied petroleum gas (LPG). This 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 accelerate, it is more vital than ever to accelerate the provision of clean energy for all, in line with the UN’s Sustainable Development Goal 7 (SDG7) which calls for clean energy for all. This is especially true for regions where a significant proportion of the population lives without access to electricity or clean cooking facilities, so we are delighted that this loan will enable us to accelerate our delivery of affordable clean electricity and clean cooking solutions across Africa,” said Mansoor Hamayun, CEO and founder of Bboxx.
The company, which employs more than 1,000 people worldwide, provides services in Kenya, Rwanda, Nigeria, the Democratic Republic of Congo (DRC), Togo and Burkina Faso. Through its solutions, Bboxx has already impacted the lives of 2 million people, including in Asia where it also operates.
Jean Marie Takouleu