EDF takes stake in Africa solar homes start-up
EDF has become a shareholder in Bboxx Kenya to provide access to clean, reliable and affordable energy to over two million Kenyans with Bboxx’s solar home systems by 2025.
EDF has taken a 23% stake in Bboxx Kenya and 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.
To date, it has provided systems producing clean energy for around 500,000 individuals, rural households, communities and small businesses across Kenya.
Throughout the pandemic, Bboxx said its business model has been resilient, with plans to ramp up shop openings across the country to meet growing consumer demand.
As a result, Bboxx and current shareholder African Infrastructure Investment Fund 3 is contributing further investment in Bboxx Kenya.
This latest step in Bboxx and EDF’s relationship follows the 50% joint venture deal between Bboxx and EDF in Togo, launched in 2018.
Mansoor Hamayun, CEO of Bboxx, said: “Expanding our strong partnership with EDF after success in our Togo joint venture demonstrates our commitment to scale and expand access to essential off-grid solar energy. By forging strategic partnerships with major global firms, we can mobilise substantial investment to accelerate progress towards UN’s SDG 7 – clean energy for all.
“Despite the Covid-19 environment, this announcement underlines the robustness of our business model and confidence in our tools to build back better. We look forward to growing together and developing new partnership opportunities to unlock potential and transform millions of lives.”
Source : renews
