Africa Infrastructure Investment Managers (AIIM) is investing $31 million for a minority stake in BBOXX’s operations in Rwanda, Kenya and the Democratic Republic of Congo. BBOXX, of the U.K., designs, makes and distributes, and finances plug and play solar systems across Africa. AIIM is a member of Old Mutual Alternative Investments.
The deal with AIIM — Africa’s largest and most experienced infrastructure-focused private equity fund manager and a member of Old Mutual Alternative Investments with $2.1 billion assets under management — will allow BBOXX to install 2 million solar systems by 2022, bringing electricity to 10 million people in these African countries.
This investment will accelerate the roll-out of BBOXX’s solar systems, which combine solar panels and batteries with pioneering technology, available on a pay-as-you-go basis via mobile money.
The funds will be applied across BBOXX’s distribution mix, positively impacting a range of customers including households, schools and SMEs across rural, urban and peri-urban regions. It will help in enabling economic growth in these communities by creating new markets through the entry point of electricity.
