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.
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.