Financial Energy Review
Bboxx, a next-generation utility expanding access to clean energy and clean cooking across Africa in the current arrangement has signed a second transaction for a US$5.5mn loan with AGG to accelerate clean energy drive in the continent.
The latest agreement will help drive efforts to overcome barriers to clean cooking adoption by providing accessible commercial solutions. It includes addressing issues such as distribution complexity and a lack of customer purchasing power, in a step towards ensuring clean energy access for all.
Liquefied Petroleum Gas, LPG as a cooking fuel has been identified as a product that can help solve many of Africa’s most pressing energy and environmental issues, and AGG’s loan to Bboxx will help to underpin the mitigation of an estimated 760,000 tonnes of CO2, the equivalent of 150,000 passenger cars being driven regularly for a year.
Bboxx is an industry leader and a global pioneer of Pay-As-You Go (PAYG) solar home systems and more recently LPG clean cooking stoves solutions.
Operating across Nigeria, DRC, Rwanda, Togo, Kenya and Burkina Faso, their innovative products are priced and sized to be accessible by low-income households and are sold on credit plans that are priced to fit.
Mansoor Hamayun, CEO and co-founder of Bboxx, commented, “With the climate crisis continuing to gather at pace, it is now more vital than ever that the provision of clean energy for all is accelerated, in line with the UN’s SDG7 – clean energy for all. This is especially true for areas where a significant proportion of the population is living without access to electricity or clean cooking facilities, and we are therefore delighted that this loan will enable us to ramp up our delivery of affordable, clean electricity and clean cooking solutions across Africa.
We are pleased to work with AGG and thankful for their support and recognition of the importance of our endeavours, forming part of our wider mission to transform lives and unlock potential in the developing world.”
