BBOXX secures £6.3m in debt finance from the Facility for Energy Inclusion Off-Grid Energy Access Fund to expand solar energy in Rwanda.
The local currency loan from FEI OGEF will accelerate the deployment of solar home systems across Rwanda.
BBOXX provides pay-as-you-go solar energy systems and clean cooking solutions monitored via a digital platform. The utility firm operates across twelve countries, primarily in Africa, alongside parts of Asia.
BBOXX has secured £6.3m in debt finance from the Facility for Energy Inclusion Off-Grid Energy Access Fund. The Rwandan Franc-denominated loan will accelerate the company's deployment of solar home systems across Rwanda and mitigate currency risks. The financing supports broader national electrification targets and builds on previous investment agreements signed earlier in the year.
From the founder
"We are thrilled to have secured this loan from FEI OGEF to turbocharge our roll-out of solar home systems across Rwanda. It will help us to advance our goal of transforming lives and unlocking economic potential through access to energy."
Mansoor Hamayun
CEO and Co-founder at BBOXX
Investor perspective
"BBOXX has invested in the team, products, and infrastructure needed to achieve scale. With this transaction, FEI OGEF provides efficient, sustainable and scalable capital to catalyse the next stage of BBOXX’s growth in Rwanda and beyond."
Harry Guinness
Managing Director at Lion's Head and OGEF Fund Manager, LHGP Asset Management
Use of funds
- 01Scale operations