Africa Infrastructure Investment Managers, a member of Old Mutual Alternative Investments, has invested US$31 million for a minority stake in BBOXX’s operations in Rwanda, Kenya and the Democratic Republic of Congo through its AIIF3 fund.
BBOXX is a British next generation utility platform that designs, manufactures, distributes and finances innovative plug and play solar systems to improve access to energy across Africa and the developing world.
“We look forward to working together to power economic growth and transform the lives of underserved communities, by creating a platform which will bring access to affordable utility provision and value-added services,” said Mansoor Hamayun, chief executive and co-founder of BBOXX.
The deal with AIIM will allow BBOXX to install two million solar systems by 2022, bringing electricity to 10 million people in these African countries.
The funds will be applied across BBOXX’s distribution mix, positively impacting a range of customers including households, schools and SMEs across rural, urban and peri-urban regions. It will help in enabling economic growth in these communities by creating new markets through the entry point of electricity.
“We are delighted to be working with BBOXX to expand off-grid solar electricity to millions of people previously without access to basic utilities. BBOXX shares our vision to remove barriers to economic growth and facilitate the development of Africa’s economies,” Jurie Swart, AIIM’s chief executive added.
This AIIM investment is the latest in a string of deals that has seen BBOXX forge strategic partnerships across the industry, working with leading global electricity company EDF in Togo, world-leading telecommunications firm Orange in West Africa, as well as technological partners, investment institutions and local governments, to expand energy access at scale.
BBOXX has brought electricity to 750,000 people in frontier markets, with substantial operations in countries including, Rwanda, Kenya, Togo, the DRC, Nigeria and Pakistan.