BBOXX to Embark on a £2.5m Crowdfunding Scheme to Bring Affordable Solar Power to Rwanda, Togo and Nigeria

solar power

In collaboration with leading online investment platform, Lendahand Ethex, British off-grid solar power specialist BBOXX will seek to raise £2.5 million through its Energise Africa partnership to raise funds for the roll out of its solar systems in Rwanda, Togo, Democratic Republic of the Congo and Nigeria.

Launched last year with financial support from UK aid and Virgin Unite, it is aimed at bringing reliable energy and economic opportunities to homes in Sub-Saharan Africa through the installation of solar home systems. This is being done in line with the  UN agreed Global Goal to ensure access to affordable, reliable modern energy for all by 2030.

Energise Africa will raise £2.5 million a year through retail-focused investments that will generate 5% tax-free annual return investors over a 36-month period although capitals are at risk and returns are not guaranteed.

What Would Energise Africa Offer?

There has been a poor performance of power in the Sub-Saharan parts of Africa, with unstable and unavailability of electricity affecting the quality of life and limiting people’s chances of achieving economic prosperity they have to depend on diesel and kerosene for lighting.

Energise Africa makes this easy and straight forward for eligible retail investors by presenting them with an opportunity to invest in solar business and get financial returns.

Speaking on the innovation, CEO of BBOXX, Mansoor Hamayun says:

Working with Lendahand Ethex as crowdfunding via their Energise Africa campaign represents an exciting mechanism to help us access critical finance to achieve our objectives. This raise is part of the first credit facility of many, which is likely to result in up to £10 million of retail investment over the next few years, providing an estimated 100,000 households in Africa with access to clean and affordable energy.

How is this Mechanism Different?

According to Lendahand Ethex’s MD Danny den Hartog, one of the main inhibiting factors for solar and energy access in Rwanda, Togo and Nigeria is the lack of available and competitive finance. But with Energise Africa, the current funding gap of $2.5 million will make the difference.

The first Energise Africa project for BBOXX will focus on Rwanda for about 2,500 Rwandan families, and guess what? A BBOXX customer in Rwanda would just have to pay £3-£5 per month, via a mobile pay-as-you-go (PAYG) app, to access uninterrupted solar power from the BBOXX system. This is a cleaner and cheaper option than the current fossil fuel solutions, and definitely a win for African families.

BBOXX’s business model has already proven successful across Africa, with more than 150,000 systems already installed, and serving the needs of 750,000 people. 

 


If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.


SUBSCRIBE

Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.


Related Posts

The Biggest Cryptocurrency Event in Africa

Theme: Reimagine crypto as the future of finance.

Date: Thurs. 9th Dec, 2021

Venue: The Pistis conference Center Lekki, Lagos