UK firms to invest over US $3m in 5 African countries’ solar energy sub-sectorsNetspace
Two UK firms, BBOXX, an off-grid energy solution provider, and Lendahand Ethex, a UK-based online impact investor, are in a partnership to raise US $3m to extend the roll-out of life changing solar energy systems across Rwanda and four other African countries.
They will raise the amount so as to be in a position to provide energy in Rwanda, Togo, Democratic Republic of the Congo and Nigeria. US $300,000 raised from the first phase is going to be invested in Rwanda to provide clean energy to 2,500 families.
Through the first offer BBOXX will be able to raise low cost inventory finance directly from Lendahand Ethex’s growing base of socially motivated impact UK-based investors, with the goal of providing 2,500 rural Rwandan households with life changing solar systems.
In sub-Saharan Africa, the lack of energy access is a common problem. More than 600 million people currently have no electricity supply. Approximately over 70% of Rwanda’s population cannot access grid electricity which has a negative impact on the country’s economy.
Clean energy solutions
To address lack of electricity access, BBOXX is providing off-grid communities in Rwanda with smart, affordable and clean energy solutions.
BBOXX customers on average pay around US $4-7 per month on a pay-as-you-go basis. This method of payment offers more access to people who are able to have electricity at home at a price they can afford.
Currently BBOXX has installed more than 150,000 systems. Furthermore the company has provided about 750,000 people with energy access. BBOXX also hopes to provide clean, reliable energy to 20 million people by 2020.