British International Investment (BII), the UK’s development finance institution and impact investor, has announced US$5mn in debt funding for BasiGo Ltd., a leading electric bus solution provider, to scale local assembly of buses
These vehicles will cater to the rapidly growing demand for bus operators in the country and will be delivered through BasiGo’s Pay-As-You-Drive financing model. This enables bus operators to acquire electric buses without incurring high upfront costs.
Jonathan Green, co-founder and chief financial officer of BasiGo, remarked, "We are thrilled to receive this catalytic financial support from BII. It is a testament to our shared commitment towards building scalable climate solutions here within Africa. Since electric buses in Kenya are powered by the country’s abundance of renewable energy, electrification of public transport in Kenya holds transformative potential.
"Electric buses promise freedom from fuel imports, cleaner air, modern and affordable transport for the general public, and significant impact in lowering transport CO2 emissions. BII recognises this opportunity, and their support for BasiGo will enable us to directly deliver on that promise.”
BII and investment in BasiGo is aligned with the vision of new Africa Green Industrialisation Initiative (AGII) launched at COP28, to support the development of sustainable and resilient industries that can create jobs, reduce emissions, and enhance biodiversity.