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Recently, BBOXX, an off-grid solar company based in the United Kingdom, has secured a $4 million debt-financed project from Togolaise de Banque Bank (UTB), a bank in the Togolese Republic, to expand its services in African countries
.
As the first financial transaction with a local bank in Sub-Saharan Africa, the deal will see UTB provide BBOXX
with the local currency for its solar activities.
In addition, the African Guarantee Fund, which assists financial institutions in increasing financing for African SMEs, provided a 50 per cent proportional credit rating
.
Last October, BBOXX also announced a "first-of-its-kind" trilateral financing deal
for off-grid electricity in Rwanda.
As part of the government's "Cizo" program, BBOXX has been deploying solar systems in Togo since December 2017, and the contract, after being awarded a contract by the Togolese government, will provide 300,000 solar systems
to communities across the country in 2022.
Separately, the plan aims to provide electricity to 2 million people by 2022, and mobile payment solutions will also be brought to rural areas to complement off-grid solar initiatives
.
BBOXX aims to create more than 1,000 direct jobs
in Togo over the next five years.
The CEO of BBOXX said, "Raising local funding for energy access initiatives in sub-Saharan Africa is very innovative
.
We are pleased to see a Togolese bank providing funds to the capital of Togo to release a project
that benefits thousands of Togolese.
The agreement with the Togolese Banking Union will also give us more immediate financial problems and will help drive our expansion
in Togo.
”
At present, BBOXX has operations in Kenya, Rwanda, Nigeria and Cameroon, with a total of 150,000 solar systems
deployed.
(This article first published cable network: /, please indicate the source for reprinting)
Recently, BBOXX, an off-grid solar company based in the United Kingdom, has secured a $4 million debt-financed project from Togolaise de Banque Bank (UTB), a bank in the Togolese Republic, to expand its services in African countries
.
As the first financial transaction with a local bank in Sub-Saharan Africa, the deal will see UTB provide BBOXX
with the local currency for its solar activities.
In addition, the African Guarantee Fund, which assists financial institutions in increasing financing for African SMEs, provided a 50 per cent proportional credit rating
.
Last October, BBOXX also announced a "first-of-its-kind" trilateral financing deal
for off-grid electricity in Rwanda.
As part of the government's "Cizo" program, BBOXX has been deploying solar systems in Togo since December 2017, and the contract, after being awarded a contract by the Togolese government, will provide 300,000 solar systems
to communities across the country in 2022.
Separately, the plan aims to provide electricity to 2 million people by 2022, and mobile payment solutions will also be brought to rural areas to complement off-grid solar initiatives
.
BBOXX aims to create more than 1,000 direct jobs
in Togo over the next five years.
The CEO of BBOXX said, "Raising local funding for energy access initiatives in sub-Saharan Africa is very innovative
.
We are pleased to see a Togolese bank providing funds to the capital of Togo to release a project
that benefits thousands of Togolese.
The agreement with the Togolese Banking Union will also give us more immediate financial problems and will help drive our expansion
in Togo.
”
At present, BBOXX has operations in Kenya, Rwanda, Nigeria and Cameroon, with a total of 150,000 solar systems
deployed.
(This article first published cable network: /, please indicate the source for reprinting)
/
