BBOXX raises €6M via crowdfunding to improve access to solar power in Togo and six other African nations

Energy

Wednesday, 06 March 2019 16:52

BBOXX raises €6M via crowdfunding to improve access to solar power in Togo and six other African nations

(Togo First) - BBOXX, first operator active on the CIZO project in Togo, just raised more than six million euros through a crowdfunding arranged with Trine, a service that carries out sustainable investments in solar energy.

Sources close to BBOXX reveal that in Europe, 4,400 single investors took part in the crowdfunding, investing an average of €500-€600.

BBOXX’s goal is to “speed up installation of domestic solar kits in Togo, Kenya, Rwanda, DRC, Mali, Senegal and Guinea.”

The fundraising, the largest ever via crowdfunding in Africa for solar power, should benefit more than 200,000 people with no or limited access to power in these countries. “This investment will benefit all customers of BBOXX, unlocking potential of households, communities and SMEs in both rural and urban areas,” the British firm added.

Crowdfunding, an innovative way to fund solar energy projects

Mansoor Hamayun, CEO and Co-founder of BBOXX declared: “Hundreds of millions of people in Africa still live without electricity. Our collaboration with Trine helped us reach out to single investors that share a vision which is to transform the lives of these people by providing them sustainable energy. Crowdfunding could change the way the solar industry is financed and put pressure on investors active in the sector to adapt their commercial models, thus benefiting customers.”

For his part, Sam Manaberi, CEO and Co-founder of Trine added: “We recorded an unprecedented demand of retail investors who wish to invest, sustainably, in solar power in growing markets like Africa… Crowdfunding is a flexible and cost-effective funding mechanism that allows high-growth firms like BBOXX to easily expand.”

Séna Akoda

REFORMS OVERVIEW

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At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

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In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

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