A next generation start-up utility firm has secured an industry first deal that will help bring solar generated electricity to 150,000 Rwandans.
Off-grid utility specialists BBOXX has successfully netted a $5million facility with Deutsche Asset Management’s Essential Capital Consortium.
The firm delivers households with an on-grid experience in the off-grid setting through solar power.
The new facility will be managed in country by Atlas Mara’s Rwandan entity, Banque Populaire du Rwanda (BPR), which is already a lender to BBOXX.
This trilateral deal is the first of its kind in the industry.
Monica Keza, managing director of BBOXX Rwanda, said: “We are excited to partner with another top tier investor to continue providing the most comprehensive off-grid solution at an affordable price in Rwanda, accelerating the Government of Rwanda’s vision of universal energy access.
“This deal proves global financial institutions are eager to partner to catalyse off-grid solar in Rwanda and East Africa more broadly. What we have done is not just unique structurally, it is unique for the entire industry.”