Bboxx-EDF team gets EUR-11m loan to service solar customers in Togo
Image credits: Bboxx Ltd.
Africa-focused solar home systems (SHS) provider Bboxx Ltd and its partner EDF (EPA:EDF) have obtained an EUR-11-million (USD 11.4m) loan from the Off Grid Energy Access Fund (OGEF) to accelerate electrification in Togo.
Bboxx and EDF have been working together in Togo since 2018. They will use the loan to expand Bboxx’s activities in the country in order to reach the government-set goal of servicing 1.5 million people by 2030. In addition, the loan will also support local smallholder farmers to access solar-powered irrigation.
“This financing facility will help us to significantly expand our product offering with EDF, widening our distribution network in the country and placing us well on our way to providing 1.5 million Togolese with clean energy by 2030,” said Mansoor Hamayun, CEO and Co-Founder of Bboxx.
OGEF is a sustainable impact investment fund managed by Lion’s Head Global Partners Asset Management (LHGPAM).
“We were impressed by the extent of Bboxx EDF’s operations covering the five regions of Togo, and its efficiency in servicing daily, thousands of customers. OGEF’s investment will enable Bboxx EDF to further expand operations and deliver on its mission in bridging the energy access gap in Togo,” stated Alban Deheunynck, Executive Director at Lion’s Head.