Solar power distributor and financer Bboxx has acquired solar finance solution provider PEG Africa in a move to expand its reach in the Western African market.
UK-based Bboxx has merged with Ghana-based PEG Africa in order to gain access to new markets in Ghana, Côte d’Ivoire, Senegal and Mali (bringing its total operating markets to 10 countries). The move will see PEG customers gain access to a wide range of products offered by Bboxx including its solar home systems (SHS), clean cooking solutions, finance products and mobile technology.
Bboxx operates in London and manufactures, distributes and finances decentralised solar-powered systems for the developing world. The next-gen utility enables millions who cannot obtain a reliable grid connection to access affordable clean electricity. Bboxx suggests that it has the potential to positively impact over two million people using its management platform and its strategic affiliations.
PEG Africa boasts a customer base of around 700,000 daily users. It provides digital financing solutions for SHS to those who do not have access to an electrical grid in rural and remote communities. Its solar products are integrated with mobile embedded finance using a monthly pay-as-you-go (PAYG) finance model. The company also empowers its customers to gain ownership of these assets which can be used as collateral for loans for further products and services.
EDF bought a significant stake in Bboxx’s Kenya operations in 2021; a move that enabled the solar company to gain access to EDF’s significant commercial resources and experience. In July 2022, Bboxx also forged a partnership with telecommunications operator Orange. This collaboration accelerated a plan that is estimated to provide 150,000 people across the Democratic Republic of Congo access to clean energy via a new ‘mini-grid’ model.
The acquisition was overseen by boutique investment bank DAI Magister, which focuses on helping companies identify and execute new relationships. The bank looked to support PEG Africa in its growth both across the continent and globally.
Hugh Whalan, CEO and co-founder of PEG Africa, said: ‘We have built a pioneering energy provider in West Africa and have been extraordinarily lucky to do it with a group of remarkable people who are passionate about making a positive impact in the world.
“We look forward to having even greater impact with the bigger scale that is achieved through joining forces with Bboxx.”
Mansoor Hamayun, CEO and founder of Bboxx, expanded on the changes the partnership could provide: “In West Africa alone, there are over 150 million people with no access to electricity.
“By gaining access to new markets and utilising PEG’s impressive operational experience, we will strive to change that.”
Image and article originally from thefintechtimes.com. Read the original article here.