BBOXX successfully closed a debt facility equivalent to $2 million in local currency with Atlas Mara’s Rwandan entity, Banque Populaire du Rwanda. The deal is the first of its kind in the industry and adds additional prowess to BBOXX’s unique fundraising abilities.
The company has pioneered a distributed energy platform with a data-driven technology to deliver off-grid energy to rural households and this latest deal will enable the company to grow its operations in Rwanda.
“We are excited about the growth potential for the Rwandan residential solar market and the support we are receiving from BPR” said Justus Mucyo, Head of Retail Operations, Africa.“This marks not just the beginning of our relationship with the bank but accelerates the Government of Rwanda’s vision of 40% off-grid household energy access by 2018. BBOXX is poised to inject another $200 million to realize that vision within the timeframe.”
BBOXX anticipates that this latest financing will increase confidence in the sector, showing that the rural asset class is bankable, and that this financing structure is a viable means to attract the billions of dollars needed to serve the off-grid masses. Progress has already been made with the recently announced pilot between ENGIE and BBOXX bringing off-grid solar electrification to Cameroon.
Source: Alternative Energy Africa