Bboxx EDF sign €11m deal with OGEF to accelerate electrification of an additional 1.5M people in Togo
- The loan will help to achieve the 2030 target from the Government of Togo to provide 1.5m Togolese with clean energy
- The loan will also support smallholder farmers in Togo to access solar powered irrigation
- To date, Bboxx-EDF partnership has positively impacted more than 300,000 people in the country
30th November 2022 – Bboxx, a super platform providing access to essential products and services, and its partner EDF, a global leader in low-carbon energies, in Togo, have secured an €11m loan from the Off Grid Energy Access Fund (“OGEF”) managed by Lion’s Head Global Partners Asset Management (“LHGPAM”), enabling them to ramp up their clean electrification delivery in Togo.
The loan will support Bboxx’s expansion in the country to continue distributing solar home systems to last mile customers, with the objective to reach 1.5 million people by 2030. This is the target set by the Government of Togo as part of its National Electrification Strategy to meet the Sustainable Development Goal of affordable, reliable and sustainable energy for all by 2030.
Bboxx have been operating in Togo with EDF since 2018 and this deal marks the latest achievement in their longstanding partnership. In 2019, Bboxx EDF customers received the first ever Government subsidy in Africa for solar energy payments, and to date, the scheme has positively impacted over 300,000 Togolese, providing homes, communities and businesses with access to reliable and clean energy.
The loan from OGEF, a sustainable impact investment fund aimed at providing financing solutions to bring affordable energy access to communities living off grid, demonstrates the key role of private sector in scaling energy access to low-income households.
Mansoor Hamayun, CEO and Co-Founder of Bboxx, said: “This financing facility will help us to significantly expand our product offering with EDF, widening our distribution network in the country and placing us well on our way to providing 1.5 million Togolese with clean energy by 2030.
It is encouraging that the private sector is starting to invest more deeply in green initiatives, and we are thankful for the OGEF’s recognition of the critical services and solutions we are delivering. However, when looking at the wider industry, a lot more still needs to be done when it comes to unlocking sustainable financing and innovation. Loans such as these are vital for us to deliver clean solutions in line with the UN’s Sustainable Development Goals, positively transforming lives and unlocking potential through bringing many more people into the digital economy.”
Mrs Valérie Levkov, Senior VP Africa & Middle-East of EDF, added: “It is a great satisfaction to secure this loan that will help us to accelerate our development and contribute to strengthen our position in Togo. Together with Bboxx, we are committed to enhance the access to electricity in the region and to deliver low-carbon energy solutions. It totally echoes with EDF’s purpose that is to build a net zero energy future and drive wellbeing and economic development.”
Alban Deheunynck, Executive Director at Lion’s Head, said: “We are excited to build on our existing partnership with Bboxx following investments in DRC and Rwanda, to expand the financing solutions of OGEF to Togo. Bboxx and EDF have developed the leading off-grid energy utility in Togo, and they have played an essential role in delivering the electrification plan of the Government. We were impressed by the extent of Bboxx EDF’s operations covering the five regions of Togo, and its efficiency in servicing daily, thousands of customers. OGEF’s investment will enable Bboxx EDF to further expand operations and deliver on its mission in bridging the energy access gap in Togo.”
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Bboxx is a super platform, transforming lives and unlocking potential by providing access to essential products and services across Africa.
Bboxx has built a fully integrated operating system Bboxx Pulse®, backed by an extensive on-the-ground network to provide goods, services and utilities across Africa. We offer African households, businesses and communities a highly convenient and affordable way to access life-changing solutions, through last mile logistics and data-powered innovative financing methods.
Bboxx is championing the economic development of Africa, accelerating the transition to the digital economy and creating new markets. We are connecting both underserved rural communities and aspiring urban ones with services including clean energy, clean cooking, smartphones, and loans, enabling African consumers to unlock their potential. Following the acquisition of solar energy frontrunner PEG Africa, Bboxx will now positively impact the lives of more than 3.5 million people in 10 operating markets, directly contributing to 11 of the 17 United Nations Sustainable Development Goals.
The acquisition makes Bboxx and its group of companies one of the largest networks in Africa for utility services, with over 4,000 staff across Africa and offices in the UK and China. For more information about Bboxx please visit bboxx.com
For more information please contact:
Bboxx / Instinctif Partners
Phone: +44 (0) 7457 2064
As a major player in energy transition, the EDF Group is an integrated energy company active in all businesses: generation, transmission, distribution, energy trading, energy sales and energy services. EDF Group is a world leader in low-carbon energy, having developed a diverse production mix based mainly on nuclear and renewable energy (including hydropower). It is also investing in new technologies to support energy transition. EDF’s raison d’être is to build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive well-being and economic development. The Group is involved in supplying energy and services to approximately 38.5 million customers(1), of whom 29.3 million in France(2). It generated consolidated sales of €84.5 billion in 2021. EDF is listed on the Paris Stock Exchange.
(1) Since 2018, customers are counted per delivery site. A customer can have two delivery points: one for electricity and another one for gas.
(2) Including ÉS (Électricité de Strasbourg) and SEI.
For more information please contact:
About the Off-Grid Energy Access Fund (OGEF)
OGEF is designed to support low-income rural households and SMEs in Sub-Saharan Africa by offering flexible financing solutions to companies providing affordable renewable energy off the grid. The Fund invests via a range of debt instruments, including receivables lending, inventory finance, other working capital lending and corporate debt with a focus on increasing the availability of local currency debt and enhancing the capacity of local capital markets.
OGEF was set up by the African Development Bank as part of its New Deal for Africa initiative. The AfDB also invested on behalf of the Global Environmental Facility and the European Commission. In addition, OGEF received equity funding from the German Federal Ministry for Economic Cooperation and Development through KfW, the Nordic Development Fund and All On, and loan commitments from the Austrian Development Bank, Calvert Impact Capital and Prudential.
About Lion’s Head Group
Lion’s Head Group is an investment bank and assets manager, operating across frontier and emerging markets. Lion’s Head Asset Management manages four pioneering funds, including (i) the African Local Currency Bond Fund (ALCBF), a ground-breaking investment vehicle established to support local currency capital markets, (ii) the Off Grid Energy Access Fund (OGEF) and the Facility for Energy Inclusion (FEI) which supports companies who provides a range of renewable energy solutions such as Solar Home Systems, Mini Grids, C&I and IPP up to 25 MW, and (iii) Africa Go Green (AGG) which supports companies who combat climate change by reducing the use of fossil fuels through new technologies and increased operating efficiency and promote economic development in high impact target sectors. LHGP Asset Management has over US$600 million of assets under management with investments in 27 African countries.