BBOXX has sold a stake of its solar energy-access business for $31 million (£24.1m).
It says the deal to sell a minority stake in its operations in Rwanda, Kenya and the Democratic Republic of Congo (DRC) to Africa Infrastructure Investment Managers (AIIM) will allow BBOXX to install two million solar systems by 2022, bringing electricity to 10 million people in these countries.
The firm’s energy systems combine solar panels and batteries which are leased on a pay-as-you-go basis in households, schools and small- to medium-sized enterprises.
Mansoor Hamayun, CEO and Co-Founder of BBOXX, said: “This latest deal with AIIM shows BBOXX’s commitment to mobilising greater investment and capital in the off-grid sector, through partnering with major global companies.
“AIIM’s investment will turbo-charge our operations in Rwanda, Kenya and the Democratic Republic of Congo. This will allow us to scale rapidly and continue to drive disaggregation in what has traditionally been a vertically integrated market.”