Bboxx, a UK-based next generation utility platform, received a US$31m minority investment.
Africa Infrastructure Investment Managers, though its AIIF3 fund, is taking a minority stake in BBOXX’s operations in Rwanda, Kenya and the Democratic Republic of Congo (DRC).
This investment will accelerate the roll-out of the company’s solar systems, which combine solar panels and batteries with technology, available on a pay-as-you-go basis via mobile money.
Led by Mansoor Hamayun, CEO and co-founder, Bboxx designs, makes and distributes and finances plug and play solar systems across Africa.
The deal with AIIM – Africa’s largest and most experienced infrastructure-focused private equity fund manager and a member of Old Mutual Alternative Investments with USD 2.1 billion AUM – will allow the company to install two million solar systems by 2022, bringing electricity to 10 million people in these African countries.
The company has brought electricity to 750,000 people in frontier markets, with substantial operations in countries including, Rwanda, Kenya, Togo, the DRC, Nigeria and Pakistan.
It has 600 staff across nine offices including in Rwanda, Kenya, the Democratic Republic of Congo and Togo, with its head office in the UK and its manufacturing operations based in China.