DRC – Solar solutions provider Bboxx has secured a US$4 million loan from the Facility for Energy Inclusion Off-Grid Energy Access Fund (FEI OGEF), a debt fund managed by Lion’s Head Global Partners (LHGP) to accelerate energy access in the Democratic Republic of Congo (DRC).
FEI OGEF is a US$100 million blended finance debt fund that provides predominantly secured financing to support the growth of innovative companies in the off-grid energy sector, and it is part of the African Development Bank (AFDB) flagship initiative, Facility for Energy Inclusion.
“Building on our productive relationship with FEI OGEF and Lion’s Head Global Partners highlights investor confidence in our business model. It is a positive step in the right direction in securing more funds to help tackle the global energy access gap and make progress towards meeting UN Sustainable Development Goal 7 – energy for all,” Mansoor Hamayun, CEO and co-founder of Bboxx, said.
“We have substantial operations and a proven track record in the DRC, having signed an important MoU with the DRC government at the beginning of the year. As we embark on the next phase of our ambitious growth journey, we look forward to putting these funds to good use by helping to transform even more lives and unlock potential through access to clean energy.”
The loan will enable the company to accelerate operations in the across Kivu, Ituri and Tshopo provinces with ambitions to expand further in the country.
“The OGEF team remains impressed with Bboxx’s mission, technology and scale – and we are excited to expand our role in their growth in challenging markets by boosting operations in the DRC,” Harry Guinness, managing director at Lion’s Head and OGEF Fund Manager, said.
“This transaction was a real team effort – owing thanks to partners at the World Bank and local funders – and the collaboration and effort underscores OGEF’s commitment to increase debt financing in Africa.
“We look forward to continuing to contribute to Bboxx’s substantial achievements in expanding access to clean energy through much-needed scalable capital. This transaction sets another standard and we’re driven to adapt, learn and replicate it with borrowers in the sector across Africa.”
This deal comes at a time of significant growth for Bboxx, as this year it celebrates its 10th year in business and reached a milestone of transforming over one million lives through access to energy.