BBOXX Secures US 8 Million to Boost Rwanda Operations

Google+ Pinterest LinkedIn Tumblr +

The BBOXX business model involves customers paying for solar systems on a pay-as-you-go basis, depending on how much energy is used, currency fluctuations over many years can have negative impacts on the supplier’s balance sheet. Receiving a loan in domestic currency lowered Bboxx’s medium-term foreign exchange risks, said the U.K. company.

Earlier this year BBOXX secured a US 31 million loan from Africa Infrastructure Investment Managers (AIIM) to grow its Rwanda operations, alongside its expansion into Kenya and the Democratic Republic of Congo.

FEI OGEF is a US$100 million blended finance debt fund managed by LHGP Asset Management, the asset management arm of Lion’s Head Group.

Harry Guinness, managing director at Lion’s Head and OGEF Fund Manager, said: “BBOXX has invested in the team, products, and infrastructure needed to achieve scale. With this transaction, FEI OGEF provides efficient, sustainable and scalable capital to catalyse the next stage of BBOXX’s growth in Rwanda and beyond.”

Mansoor Hamayun, CEO and co-founder of BBOXX, said: “We are thrilled to have secured this loan from FEI OGEF to turbocharge our roll-out of solar home systems across Rwanda. It will help us to advance our goal of transforming lives and unlocking economic potential through access to energy.

“With substantial operations in Rwanda already, this deal demonstrates confidence in our business model and our ability to scale and deliver much-needed reliable and affordable electricity, as the entry point to all other modern utilities.”

Author: Bryan Groenendaal



Leave A Reply

About Author

Green Building Africa promotes the need for net carbon zero buildings and cities in Africa. We are fiercely independent and encourage outlying thinkers to contribute to the #netcarbonzero movement. Climate change is upon us and now is the time to react in a more diverse and broader approach to sustainability in the built environment. We challenge architects, property developers, urban planners, renewable energy professionals and green building specialists. We also challenge the funding houses and regulators and the role they play in facilitating investment into green projects. Lastly, we explore and investigate new technology and real-time data to speed up the journey in realising a net carbon zero environment for our children.

Copyright Green Building Africa 2024.