The Off-Grid Energy Access Fund (OGEF), a debt fund of the Facility for Energy Inclusion (FEI), of belatedly lent USD 4 1000000 to Bboxx, a U.K.-based solar gratuitous free energy installation too financing business organisation business firm that is active inwards Africa together with Asia. The loan proceeds are slated to assistance Bboxx encounter its understanding with the regime of the Democratic Republic of Congo (DRC) to furnish make clean free energy to 10 meg people inward that land.
Mansoor Hamayun, CEO as good as Co-Founder of Bboxx, called the deal “a positive footstep inward the right administration inward securing more than funds to assistance tackle the global energy access gap inwards improver to make progress towards meeting United Nations Sustainable Development Goal seven – free free energy for all.”
Bboxx provides pay-as-you lot-get solar might, which allows customers to accept their solar panels enabled as well as disabled remotely as they are able to pay for units of power, inwards add-on to the Bboxx Pulse off-grid solar gratis energy monitoring platform. Pulse provides “distributed utility businesses” amongst existent-time client mapping also as monitoring of payments too other key performance indicators.
Since its founding inwards 2010, Bboxx has installed 350,000 solar habitation systems inward xi African together with Asian countries. The firm has raised a total of USD 169 1 one thousand K over fourteen uppercase raises from African Infrastructure Investment Managers, Bamboo Capital Partners, Doen Participaties, Engie Mitsubishi Corporation, Essential Capital Consortium, Lion’s Head Global Partners, MacKinnon Bennett & Company in addition to Union Togolaise de Banque.
FEI OGEF is a blended debt finance fund providing secured financing to make make clean gratis energy firms. Its equity investors are the African Development Bank (AfDB), the European Union’s European Commission, Kreditanstalt für Wiederaufbau (KfW), the Nordic Development Fund as well as the GEF. Its lenders are AfDB, All-On Nigeria, Calvert Impact Capital, Prudential Insurance Company of America together with LHGP Asset Management. As of September 2020, FEI OGEF had USD 23.iii meg committed as well as disbursed, summation USD 66.3 one thousand thousand inwards investable capital letter letter.
FEI is an AfDB initiative amongst USD 500 i one thousand K to lend for small-scale renewable costless free energy projects. Founded inwards 2016, FEI is expected to disburse around fifty loans to renewable gratuitous energy projects inward sizes ranging from USD v meg to USD xx 1000000. The facility is managed by LHGP Asset Management, a subsidiary of Lion’s Head Global Partners (LHGP). LHGP is a U.K.-based investment depository financial institution that was founded in 2008 as well as provides holding management, uppercase raising also other services.
By Kate Finster, Research Associate
Sources in add-on to Additional Resources
Bboxx press release
OGEF quarterly reports
Lion’s Head Global Partners homepage
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