AfrElec: Bboxx signs €11mn deal to boost electrification in Togo

BBoxx, a British platform that works on providing essential products and services across Africa, has received an €11mn ($11.6mn) loan from the Off Grid Energy Access Fund (OGEF) to ramp up clean electrification delivery in Togo.

The London-based company focuses on helping Africans receive essential services, such as electricity and clean water. It also hopes to increase access to the internet and digital services in rural areas throughout the continent.

BBoxx has been working alongside France’s EDF in Togo 2018, and will now use the loan to continue distributing solar home systems, with the objective being to reach 1.5mn people by 2030. The money will also help smallholder farmers in Togo access solar-powered irrigation.

The money has been funded by the OGEF, a sustainable impact investment fund aimed at bringing affordable energy access to communities living off the grid. It is managed by Lion’s Head Global Partners Asset Management, an investment bank and assets manager operating in emerging markets.

“This financing facility will help us to significantly expand our product offering with EDF, widening our distribution network in the country and placing us well on our way to providing 1.5mn Togolese with clean energy by 2030,” said Mansoor Hamayun, CEO and Co-Founder of Bboxx.

“It is encouraging that the private sector is starting to invest more deeply in green initiatives, and we are thankful for the OGEF’s recognition of the critical services and solutions we are delivering. However, when looking at the wider industry, a lot more still needs to be done when it comes to unlocking sustainable financing and innovation.”

According to Alban Deheunynck, executive director at Lion’s Head, the new loan follows similar investments in DRC and Rwanda.

“Bboxx and EDF have developed the leading off-grid energy utility in Togo, and they have played an essential role in delivering the electrification plan of the government,” Deheunynck explained.