Bboxx has secured a US$4mn loan from the Facility for Energy Inclusion Off-Grid Energy Access Fund (FEI OGEF) to accelerate its operations in the Democratic Republic of Congo (DRC)
At present, only around 19% of the DRC population has access to electricity. The debt fund, managed by Lion’s Head Global Partners (LHGP), will help Bboxx provide clean, reliable and affordable energy across Kivu, Ituri and Tshopo provinces.
The DRC is a core market for Bboxx, that manufacture, distribute and finance decentralised solar powered systems in developing countries.
FEI OGEF is a US$100mn blended finance debt fund, that provides secured financing to support the growth of innovative companies in the off-grid energy sector. It is part of the African Development Bank's (AFDB) flagship initiative, Facility for Energy Inclusion.
This year Bboxx completed its 10th year in business and reached a remarkable milestone of transforming more than one million lives through access to energy.
Mansoor Hamayun, CEO and co-founder of Bboxx, said, “Building on our productive relationship with FEI OGEF and Lion’s Head Global Partners highlights investor confidence in our business model. It is a positive step in the right direction in securing more funds to help tackle the global energy access gap and make progress towards meeting UN Sustainable Development Goal 7 – energy for all.
“We have substantial operations and a proven track record in the DRC, having signed an important MoU with the DRC government at the beginning of the year. As we embark on the next phase of our ambitious growth journey, we look forward to putting these funds to good use by helping to transform even more lives and unlock potential through access to clean energy,” he added.
Harry Guinness, managing director at Lion’s Head and OGEF fund manager, said, “The OGEF team remains impressed with Bboxx’s mission, technology and scale – and we are excited to expand our role in their growth in challenging markets by boosting operations in the DRC. We look forward to continuing to contribute to Bboxx’s substantial achievements in expanding access to clean energy through much-needed scalable capital.”
