Bboxx signs USD-4m loan to fund Congo operations

Off-grid solar power provider BBOXX has inked a USD-4-million (EUR 3.4m) loan with the Facility for Energy Inclusion Off-Grid Energy Access Fund to fund its business in the Democratic Republic of Congo (DRC).

The utility will use the loan to fund its operations in Kivu, Ituri and Tshopo provinces, while also hoping to expand into other parts of the country, which is struggling with low electrification rates.

Earlier in 2020, Bboxx signed a memorandum of understanding with the African country's government to supply renewable energy to 10 million citizens or about 10% of the population.

FEI OGEF, a debt fund managed by Lion’s Head Global Partners (LHGP), previously provided a USD-8-million loan to Bboxx in May 2019, which the company used to expand in Rwanda.

(USD 1.0 = EUR 0.840)

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