Bboxx Secures $14 Million Loan to Finance Solar Home Systems in Kenya
Off-grid renewable energy provider, Bboxx has secured a loan of KSh 1.6 billion (~ USD 14 million) from SBM Bank (Kenya) Ltd., to provide clean and affordable energy to nearly half a million people in Kenya, through off-grid solar home systems. GuarantCo, a part of the Private Infrastructure Development Group (PIDG), has provided a partial guarantee of 75% against the loan facility.
The fund will be utilized by Bboxx Kenya to buy new inventory over the next two years including 89,600 solar home systems and other essential home appliances. The equipment will serve 470,000 people mostly living in rural areas of the country, where 38% of people still lack access to electricity.
This transaction is the largest single loan raised by Bboxx Kenya and it will enable the company to create a hundred new long-term jobs, with an effort to provide more opportunities for women in the process.
Photo courtesy of European Space Agency.
Source: SolarQuarter (link opens in a new window)