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Off-grid company BBOX secures USD20M in funding for operations in Africa

BBOX, a leading solar off-grid company, has closed a USD20M dollar funding. BBOX is a pioneer in its segment and provides off-grid electricity to over 350 000 people in 35 countries. This new investment will allow BBOX to expand its business in its existing markets Rwanda and Kenya and to building its new operational headquarters in Kigali, Rwanda. Furthermore, the funding allows the provision of licensed BBOX products to other markets including three new franchises in Cameroon, Ivory Coast and Nigeria.

The company aims at electrifying additional 50000 households within the next 12 months and to be able to provide as many households with electricity as the national grid of Rwanda until the end of this year. The government of Rwanda foresees to electrify 20% of its households via off-grid systems. BBOX is therefore in a great position to expand its business.

The investors of BBOX are MacKinnon, Bennett & Company (MKB), ENGIE Rassembleurs d’Energies and KawiSafi Ventures, Khosla Impact Fund, Bamboo Finance and DOEN Foundation. They believe that Rwanda can lead the world in off-grid electrification. “We are excited about the growth potential for the African off-grid solar market and delighted with BBOXX’s rapid development” said Laure Vincotte, Managing Director of ENGIE Rassembleurs d’Energies.

 

Sources:
The New Times, 01.09.2016
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Image:
Copyright: BBOX

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