Bboxx Ltd, a UK-headquartered next generation utility that delivers solar home systems (SHS), last week unveiled a couple of deals to support its business in Kenya, including a minority investment from Electricite de France SA (EPA:EDF).
The French energy major is acquiring a 23% stake in Bboxx Kenya under a strategy to further ramp up its common activities in the field of off-grid development in a number of African countries.
Bboxx manufactures, distributes and finances decentralised solar powered systems in developing countries such as Togo, where it has an existing 50/50 joint venture with EDF. In that country, the partners have recently moved beyond SHS installations to also include solar-powered irrigation systems for sustainable farming.
As per the activities in Kenya, Bboxx says it has positively impacted the lives of 500,000 individuals, rural households, communities and small and medium-sized enterprises (SMEs), with a goal to serve more than 2 million Kenyans by 2025.
In addition to EDF’s investment, Bboxx has also received an additional contribution of an undisclosed size for its Kenyan business from existing shareholder Africa Infrastructure Investment Managers (AIIM), which previously invested USD 31 million (EUR 25.7m) in Bboxx’s Kenya, Rwanda and DRC operations.