Pay-as-you-go (PAYG) off-grid energy supplier BBOXX has closed a US$5 million facility with Deutsche Asset Management's Essential Capital Consortium to bring electricity to an additional 150,000 Rwandans.
With a quarter of a million existing customers, BBOXX is already the largest off-grid utility in Rwanda, and has over 100,000 systems deployed so far.
The US$5 million financing comes from Essential Capital Consortium, which is managed by Deutsche Asset Management, and 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 latest in a series of BBOXX fundraising activities, after it earlier this year closed the world's first local currency financing deal with BPR and two years ago became the first company to securitise an off-grid solar home portfolio.
"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," said Monica Keza, Managing Director of BBOXX Rwanda.
"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."
Andrew Pidden, head of sustainable investments at Deutsche Asset Management, said his company was pleased to support the growth in access to electricity via the deal.
"BBOXX is one of the most exciting and scalable companies in the off-grid sector today and has built a strong presence in Rwanda," he said.
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