Solar power company BBOXX has set out a plan to supply electricity to about 10 million people in selected countries in Africa by the year 2022.
A development facilitated by a deal BBOXX signed with Africa Infrastructure Investment Managers (AIIM) of $31 million. That fund will accelerate the company’s solar systems roll-out program. A program that gives the end user a package of both solar panels and batteries; all of which, are built using cutting edge technology. The service will be available on a pay-as-you-go program, and payments to be made via mobile money.
The BBOXX program is targeting a range of customers. From households, SMEs, and schools in the rural, urban, and peri-urban areas. The availability of electricity in these regions will go along way in not just boosting the local economies, but also improving the quality of life. People can now access educational and entertainment materials from devices like smartphones, TVs, and computers.
“This latest deal with AIIM shows BBOXX’s commitment to mobilizing greater investment and capital in the off-grind sector, through partnering with major global companies,” said Mansoor Hamayun, the CEO and co-founder of BBOXX.
“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.”
Jurie Swart, the CEO of AIIM’s added, “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 caliber of BBOXX. It reflects both the ambition of BBOXX and the maturity of the off-grid sector.”