MyJouleBox, a West African solar operator, has secured investment to strengthen its position in Benin and accelerate its expansion into Burkina Faso, Senegal and Togo.
EDFI ElectriFI invested a total of $2 million (EUR1.5 million) split (under the Benin Country Window funded by the European Union) for $600,000 (EUR 500,000) into equity alongside Gaia Impact Fund and for $1.4 million (EUR1 million) into convertible notes together with Triodos Investment Management.
While only 40% of Beninese citizens have access to electricity, a significant gap is observed between access in urban (70%) and rural areas (18%). Governmental ambitions aim to achieve urban and rural electrification rates of 95% and 65% by 2025.
A quarter of the country’s energy mix is expected to come from renewable energy. As a result, solar demand is expected to grow by 20% per year by 2035 in Benin.
With this funding, the company aims to reach some 55,000 new beneficiaries, to save more than 40,000 tons of CO2 emissions per year.
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“After 10 years with only our sweat and our desire to change things, we are very happy to welcome such a panel of partners who will support us financially and bring us their strong experience for a long, sustainable, profitable and impactful growth,” explained Paul Berthomieu, CEO and co-founder of MyJouleBox.
“Thanks to all the teams who participate on a daily basis in the technical, economic and social success of the company and this new stage of our development, we hope to increase our efforts to meet the expectations of our partners and customers, to continue to innovate technically, commercially and socially to become a leading pan-African energy operator,” added Léonide Michael Sinsin, COO and co-founder of MyJouleBox.
The company is the first investment within the EDFI ElectriFI country window, a $6.9 million country window dedicated to the Beninese renewable energy market. EDFI ElectriFI Country Windows are established in close collaboration with EU delegations and with the support of national governments.
“We are very excited about adding MyJouleBox to the portfolio of Hivos-Triodos Fund“, said Fadoua Boudiba, Regional Manager Africa and Middle East at Triodos Investment Management.
“MyJouleBox is committed to increase rural electrification in Benin, Togo, Burkina Faso and Senegal and to contributing to the development of strong and robust local economies. The convertible loan provided by Hivos-Triodos Fund enables them to further expand their activities, also to other countries in West Africa.”
Finergreen acted as the financial advisor to MyJouleBox during its fundraising. MyJouleBox, was supported by the law firm Allen & Overy and the coalition of investors by DGFLA.