- French energy giant , Électricité de France (EDF) has aquired a 23% stake in Bboxx’s Kenya operations, building on Bboxx and EDF’s successful joint venture in Togo, launched in 2018.
- Bboxx is a solar home kit service provider operating in nine countries in Africa.
- The investment will accelerate clean energy provision to over two million people in Kenya by 2025.
Under the terms of the agreement, EDF takes a 23% stake in Bboxx Kenya. In addition to the equity investment, EDF will bring its commercial resources and its experience from developing off-grid solutions in several African countries. EDF’s investment in Bboxx’s Kenya operations will accelerate expansion into what is currently Bboxx’s largest market.
Bboxx manufactures, distributes and finances decentralised solar powered systems in developing countries and has been operating in Kenya since 2011.
Bboxx has relied on heavy funding in order to accelerate its market share in the countries that it operates in. On the back of EDF’s contribution, African Infrastructure Investment Fund 3 (AIIF3), an Old Mutual Alternative Investments fund managed by Africa Infrastructure Investment Managers (AIIM), are contributing further investment in Bboxx Kenya.
This builds on momentum from the USD 31 million investment from AIIM in Bboxx’s Kenya, Rwanda and DRC operations in 2019.
This latest step in Bboxx and EDF’s relationship follows the 50% joint venture deal between Bboxx and EDF in Togo, launched in 2018. They recently doubled down on their partnership in Togo, moving beyond Solar Home Systems (SHS) to also include solar-powered irrigation systems for sustainable farming with partners like SunCulture. Bboxx and EDF have worked on various innovative projects in Togo, including launching Tomorrow’s Connected Community where an entire Togolese village is powered by solar energy.
Author: Bryan Groenendaal