AIIF3 fund invests in off-grid solar systems

Subscribe to our newsletter and get the latest news and business opportunities in your inbox

African Infrastructure Investment Managers (AIIM) has acquired through its African Infrastructure Investment Fund 3 (AIIF3) a minority stake in BBOXX’s operations in East Africa, as part of a US$31 million investment plan. BBOXX is a leading next generation utility platform developing solutions to provide affordable, clean energy to off-grid communities in emerging markets.

Growth equity provided by AIIM will accelerate the roll-out of BBOXX’s solar systems, which combine solar panels and batteries with pioneering technology, payable on a pay-as-you-go basis utilizing mobile money, across Rwanda, Kenya and the Democratic Republic of Congo.  The investment will allow BBOXX to install two million solar systems by 2022, bringing electricity to 10 million people in these African countries.

The funds will be applied across BBOXX’s distribution mix, positively impacting a range of customers including households, schools, SMEs, and businesses across rural, urban and peri-urban regions. It will help in enabling economic growth in these communities by creating new markets through the entry point of electricity. 

AIIF3 is AIIM’s third pan-African fund, focused primarily on power, transportation and energy infrastructure across subSaharan Africa. Including BBOXX, AIIM has made nine investments on behalf of the AIIF3 fund. Other investments are Starsight Power Utility Ltd, a leading energy services company in Nigeria; AIIM Hydroneo, a pan-African hydro power development platform; DSM Corridor Group, a specialist dry bulk terminal operator in Tanzania; Albatros Energy Mali, a 90 MW thermal power station and Amandi Energy Limited, a 200 MW thermal power station in Ghana.

Share this update