Off-grid solar company BBOXX on 13 January announced that Africa Infrastructure Investment Managers (AIIM), part of Old Mutual Alternative Investments, had agreed an investment of $31m to acquire a minority stake in BBOXX’s operating companies in the Democratic Republic of Congo, Kenya and Rwanda. The investment was made by AIIM’s African Infrastructure Investment Fund 3 and will allow the BBOXX companies to install 2m solar systems by 2022.
“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”, BBOXX chief executive and cofounder Mansoor Hamayun said. “[AIIM’s investment] will allow us to scale rapidly and continue to drive disaggregation in what has traditionally been a vertically integrated market”.
AIIM chief executive Jurie Swart said that the deal reflected the maturity of the off-grid sector as well as BBOXX’s ambition.
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