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BBOXX raises $4m in debt financing to expand its off-grid operations in Togo

Milcah Lukhanyu by Milcah Lukhanyu
3 years ago
in Tech
4 min read
0
From left to right: Joe Segal (BBOXX), Mansoor Hamayun (CEO, BBOXX), H.E. President Faure Gnassingbé, Thomas Chevilotte (BBOXX advisor), Honorable Minister Cina Lawson, ICT Minister, and Honorable Minister Marc Bidamon, Minister of Energy. (PRNewsfoto/BBOXX)

From left to right: Joe Segal (BBOXX), Mansoor Hamayun (CEO, BBOXX), H.E. President Faure Gnassingbé, Thomas Chevilotte (BBOXX advisor), Honorable Minister Cina Lawson, ICT Minister, and Honorable Minister Marc Bidamon, Minister of Energy. (PRNewsfoto/BBOXX)

BBOXX, a renewable energy and software firm has received $4m in debt financing from Union Togolaise de Banque to provide electricity access to people in Togo and across Sub-Saharan Africa.

The deal will help unlock BBOXX and Togolese Government’s ‘Cizo’ initiative which aim to provide access to reliable and sustainable energy such as solar for communities across the country.

Apart from the deal from Union Togolaise de Banque, Africa Guarantee Fund, a firm that helps assists financial institutions increase their financing to African SMEs, provided a 50 per cent pro rata credit enhancement, giving further weight to the deal.

In a statement, Mansoor Hamayun, CEO of BBOXX, said, “The deal with Union Togolaise de Banque will also make financial matters much more straightforward for us and will help drive our expansion across Togo. We are already providing our services and the on-grid experience they bring to customers in Togo and are looking forward to continuing to work in collaboration with the Government through 2018 and beyond.”

New in Togo, BBOXX has operations in Rwanda, Kenya Nigeria and Cameroon in Africa and has so far deployed over 150,000 helping change lives of more than half a million people in 35 countries by giving them access to smart energy for lights, smart phones and home appliances.

In July 2017, BBOXX was awarded a contract by the Togo government to roll out 300,000 solar home systems in the country by 2022 to create more than 1,000 direct jobs in the next five years. The latest funding will help BBOXX and the Togo government to improve access to electricity for people in off-grid communities.

READ  Algeria's Mobilis, Wataniya & Orascom Awarded 3G Licences

BBOXX aims to bring electricity to more than 2 million citizens by 2022 through pay-as-you options via mobile payments and create jobs in rural areas for Togolese people.

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Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

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