Togo: Bboxx EDF secures €11m funding from Lion's Head fund
Bboxx EDF has signed an €11 million deal with the Off Grid Energy Access Fund (OGEF) to accelerate clean electrification for an additional 1.5 million people in Togo.
Bboxx, a super platform providing access to essential products and services, and its partner EDF, a global leader in low-carbon energies, have secured an €11 million 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.
Bboxx has been operating in Togo with EDF since 2018. 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.
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.”
Valérie Levkov, senior VP for Africa and the Middle-East at 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.”
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.”