BBOXX and Trine’s funding initiative has hit the $6.8 million (€6 million) mark – in what is the largest crowd-funded debt raise in the history of solar energy in Africa.
Courtesy of BBOXX (Facebook)
The collaboration between Trine, a Swedish investment firm specializing in solar energy, and BBOXX, a next generation utility, will accelerate BBOXX’s installation of pay-as-you-go solar home systems in Kenya, Rwanda, Togo, the Democratic Republic of Congo, Mali, Senegal and Guinea.
The investment will apply to customers across BBOXX’s distribution mix, unlocking potential in households, communities and SMEs across both rural and urban regions. BBOXX provides affordable, reliable and clean energy, as well as other modern utilities and value-added services these communities have never had access to.
This is the final round of six $1.1 million (€1 million) targets that took place over the last 12 months. Trine and BBOXX launched the first of these six funding rounds in February 2018 and reached their first $1.1 million (€1 million) target one month later in record time. Repayments from the loans have also started to go out to investors in the first rounds of these loans to BBOXX.
Mansoor Hamayun, CEO and Co-Founder of BBOXX, said, “Hundreds of millions of people in Africa still live without electricity. Collaborating with Trine has allowed us to tap into retail investors who share our vision for transforming people’s lives through sustainable energy provision. Crowdfunding can change the way the solar industry is financed as well as putting pressure on existing investors in the space to adapt their business models – both of which will be beneficial for customers.”
Sam Manaberi, CEO and co-founder of Trine, added, “We’ve witnessed unprecedented demand from retail investors who want to invest sustainably in solar energy in growing markets, for example Africa. Trine has also shown that having a positive impact on climate change can be met with competitive returns on investment.”
The funds have been raised in Sweden and across Europe by over 4,400 unique investors. On average people have invested between $566 (€500) and $680 (€600).