Bboxx is expanding its footprint in Africa by acquiring pay-as-you-go solar company PEG Africa.
The acquisition, with undisclosed financial details, adds Senegal, Ivory Coast, Ghana and Mali to Bboxx’s operating markets, bringing their number to 10, and reinforces the company’s position as a clean energy provider in Africa with over 35 MW of installed solar capacity, according to an announcement on Tuesday.
PEG has reached one million people with its solar home systems in West Africa and has almost 100 service centres and over 500 employees. Its customers will join Bboxx’s operating system, Bboxx Pulse, in the first integration of a new company into the platform.
The deal comes as Bboxx is transitioning from providing mainly clean energy to a broader range of goods and services including solar home systems, clean cooking, smartphones and loans. In addition to gaining new customers and markets through the acquisition, Bboxx expects to benefit from PEG’s operational experience and credit capabilities
“In West Africa alone, there are over 150 million people with no access to electricity. By gaining access to new markets and utilising PEG’s impressive operational experience, we will strive to change that,” said Mansoor Hamayun, chief executive and co-founder of Bboxx.
Bboxx has so far provided clean energy and other products to more than 2.5 million people. After the purchase, it will have over 250 shops and 4,000 employees.
According to the announcement, the acquisition will make Bboxx and its group of companies Africa’s largest network for utility services.
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