BBOXX secures £24.1m from Africa Infrastructure Investment Managers to expand off-grid solar operations
Africa Infrastructure Investment Managers backed the utility platform through its AIIF3 fund for a minority stake.
BBOXX operates a utility platform that provides solar systems combining panels and batteries on a pay-as-you-go model. The firm supplies electricity to households, schools and businesses across frontier markets.
BBOXX has secured £24.1m from Africa Infrastructure Investment Managers to expand its operations in Rwanda, Kenya and the Democratic Republic of Congo. The capital will enable the utility platform to install two million solar systems and bring electricity to 10 million people by 2022. The transaction marks the latest partnership for the firm, following previous arrangements with energy and telecommunications operators in the region.
From the founder
"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."
Mansoor Hamayun
CEO and co-founder at BBOXX
Investor perspective
"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."
Jurie Swart
CEO, Africa Infrastructure Investment Managers