Power pair – PEG Africa merges with UK’s Bboxx
Companies unite to form what they describe as the leading pan-Africa next generation utility provider.
Distributed energy company PEG Africa has merged with UK clean energy supply start-up Bboxx to form what the companies describe as “the leading pan-Africa next generation utility provider”.
This is according to an announcement from Boutique Investment bank DAI Magister, which added that this is the first merger of its kind in Africa, and specifically in the off-grid solar space.
According to PEG Africa, it has 700,000 daily users and operates across Ghana, Côte d’Ivoire, Senegal and Mali.
The company provides digital financing solutions for solar home systems, particularly communities without access to an electrical grid in rural and remote communities.
“All its solar products are integrated with mobile embedded finance via its PAYG financing model and through flexible micro-payments, customers gain ownership of assets which they can use as collateral for loans for further products and services,” reads an excerpt from a statement announcing the merger.
London-based Bboxx manufactures, distributes and finances decentralised solar powered systems to the developing world.
As a result of the merger, PEG Africa customers will be able to access additional products from Bboxx, including additional SHSs, clean cooking solutions, finance products, and mobile technology.
“… and in turn, the merger will give Bboxx access to new markets and PEG’s extensive operational and credit experience,” the companies added.
Hugh Whalan, CEO and Co-Founder of PEG Africa said: ‘We have built a pioneering energy provider in West Africa and have been extraordinarily lucky to do it with a group of remarkable people who are passionate about making a positive impact in the world.We look forward to having even greater impact with the bigger scale that is achieved through joining forces with Bboxx.”