BBOX, a UK based solar firm has received $50 million from Japanese industrial giant Mitsubishi, for its expansion in Africa and launch in Asia.
BBOX is a pay as you go solar firm startup that was launched in 2010. The firm has installed over 200,000 solar panels in twelve countries across Africa, which includes Togo, Kenya, Rwanda and the Democratic Republic of Congo. The company mainly targets the farmers living off-grid.
BBOX Africa is planning on launching in Asia soon and has already opened a branch in Karachi, Pakistan.
The firm uses Pulse monitoring technology, thus enabling it to charge its customers on a monthly basis for the use of the solar panels.
Out of the 1.2 billion African population, around 600 million people do not have access to electricity. Therefore, the continent proves to be an excellent market for off grid solutions like solar panels.
Other investors in the deal include Engie Rassembleurs d’Energies, Dutch Impact Investment fund DOEN Participaties, Luxemberg based investor Bamboo Capital, Bennet and Company and Montreal based growth equity firm Mackinnon.
Off grid investments like this are increasing in Africa due to a decrease in the costs of solar technology and the strength of digital banking that’s on a rise in Africa.
In addition to providing solar panels, the fund received by BBOX will also be utilised for providing water and gas to its customers to increase their living standard.
Electricite de France (EDF), a French electric utility company, recently bought a 50 percent stake in the Togo operations of BBOX.
Investments in clean energy projects are on a rise. The solar system market raised around $1.1 billion in 2018.