Bboxx, a U.K based company has received a loan of$ 5.5 Million loan from the Africa Go Green Fund for Renewable Energy and Energy Efficiency (AGG), to roll out its solar home systems and green cooking solutions in sub-Saharan Africa.
Bboxx is securing funding to deploy its clean energy access solutions in Africa. The company, which employs more than 1,000 people worldwide, provides services in Kenya, Rwanda, Nigeria, the Democratic Republic of Congo (DRC), Togo and Burkina Faso.
The senior secured medium-term loan with the Africa Go Green Fund for Renewable Energy and Energy Efficiency, a fund launched by the German Development Agency (KfW), promotes private investments that mitigate or reduce greenhouse gas emissions.
Bboxx provides two environmentally friendly energy access solutions in rural areas of sub-Saharan Africa.
The first is solar home systems that provide household electrification. These installations are essentially composed of solar panels and electricity storage devices. Given the low standard of living in rural areas, these stand-alone solar systems are accessible through the pay-as-you-go model widely used by solar home system providers in Africa.
Bboxx has also introduced an environmentally friendly cooking solution that runs on liquefied petroleum gas (LPG).
This is an alternative to firewood and charcoal, the production of which causes deforestation.
According to AGG, the loan to Bboxx will also reduce CO2 emissions by 760,000 tons, equivalent to the emissions of 150,000 personal cars driven regularly over a one-year period.
“With the climate crisis continuing to accelerate, it is more vital than ever to accelerate the provision of clean energy for all, in line with the UN’s Sustainable Development Goal 7 (SDG7) which calls for clean energy for all,” said Mansoor Hamayun, CEO and founder of Bboxx.
He said that this is especially true for regions where a significant proportion of the population lives without access to electricity or clean cooking facilities’
The loan will enable Bboxx to accelerate delivery of affordable clean electricity and clean cooking solutions across Africa.
Through its solutions, Bboxx has already impacted the lives of 2 million people.
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