Solar power company BBOXX is set to install two million solar systems by 2022, bringing electricity to 10 million people in select African countries.
This follows after a deal that the company signed with Africa Infrastructure Investment Managers (AIIM) worth $31 million.
This investment will accelerate the roll-out of BBOXX’s solar systems, which combine solar panels and batteries with pioneering technology, available on a pay-as-you-go basis via mobile money.
The funds will be applied across the solar company’s distribution mix, positively impacting a range of customers including households, schools and SMEs across rural, urban and peri-urban regions. Read more: World Bank, Pakistan ink $100m solar deal
It will help in enabling economic growth in these communities by creating new markets through the entry point of electricity.
Investing in the off-grid sector
Commenting on the development, Mansoor Hamayun, CEO and co-founder of BBOXX, said: “This latest deal with AIIM shows BBOXX’s commitment to mobilising greater investment and capital in the off-grid sector, through partnering with major global companies.
“AIIM’s investment will turbo-charge our operations in Rwanda, Kenya and the Democratic Republic of Congo. This will allow us to scale rapidly and continue to drive disaggregation in what has traditionally been a vertically integrated market.”
AIIM’s CEO, Jurie Swart, also commented: “We are delighted to be working with BBOXX to expand off-grid solar electricity to millions of people previously without access to basic utilities. BBOXX shares our vision to remove barriers to economic growth and facilitate the development of Africa’s economies.
“It is also telling that an infrastructure fund like ours is backing distributed solar through investing in a company of the calibre of BBOXX. It reflects both the ambition of BBOXX and the maturity of the off-grid sector.”