March 11 (Renewables Now) - Off-grid solar power provider BBOXX has raised EUR 1 million (USD 1.12m) under the last round of a EUR-6-million crowdfunding campaign looking to support solar deployment across Africa.
The funding initiative was conducted in cooperation with Swedish crowdfunding platform Trine, BBOXX announced last week. It was launched in February 2018 and consisted of six EUR-1-million rounds, which drove “unprecedented demand” from investors. The funds were raised from Swedish and other European parties, with average investments standing at between EUR 500 and EUR 600.
The EUR-6-million campaign will support the installation of home solar systems in Kenya, Rwanda, Togo, the Democratic Republic of Congo, Mali, Senegal and Guinea, impacting the lives of over 200,000 underserved people, BBOXX said. The facilities will be installed in rural and urban regions through its pay-as-you-go model.
Crowdfunding can change the way the solar industry is financed and put pressure on existing investors in the space to adapt their business models – both of which will be beneficial for customers,” said Mansoor Hamayun, CEO and co-founder of BBOXX.
The repayments to investors are expected to have a nominal interest rate of 6.75% on investments of up to EUR 1,000, 8.75% on investments exceeding EUR 1,000 and 11% of over EUR 50,000.
(EUR 1.0 = USD 1.124)