Africa Infrastructure Investment Managers fund invests $31m in BBOXX
By Mandisa Nduli, Editor
Off-grid solar photovoltaic (PV) power provider BBOXX has secured a $31m investment from the Africa Infrastructure Investment Managers (AIIM) fund to roll out two million solar systems in Africa by 2022.
The investment will see BBOXX hold a minority stake in AIIM’s branches in Rwanda, Kenya and the Democratic Republic of Congo.
According to BBOXX, the financing will expedite the roll out of its photovoltaic installations and see 10 million people gaining access to energy.
“AIIM’s investment will turbo charge our operations in Rwanda, Kenya and the Democratic Republic of Congo. This will allow us to scale rapidly and continue to drive disaggregation in what has traditionally been a vertically integrated market,”said CEO and co-founder of BBOXX, Mansoor Hamayun.
Speaking on the partnership, Jurie Swart, CEO of AIIM said: “ We are delighted to be working with BBOXX TO expand off-grid solar electricity to millions of people previously without access to basic utilities. BBOXX shares our vision to remove barriers to economic growth and facilitate the development of Africa’s economies.”
BBOXX has a presence in Rwanda, Kenya, Togo, the DRC and Nigeria. Its off-grid solar power supply in Togo is 50 percent owned by Electricite de France.