Africa Infrastructure Investment Managers invests $31mn in BBOXX
African Infrastructure Investment Managers (AIIM) has revealed it will be investing $31mn in BBOXX, the solar system utility platform firm.
AIIM will acquire a minority stake in the company through its AIIF3 fund. The stake will cover BBOXX’s operations in Rwanda, Kenya, and the Democratic Republic of Congo.
The deal will enable the solar firm to install 2mn solar systems by 2022, which would create enough energy for 10mn people across the three nations.
“We are delighted to be working with BBOXX to expand off-grid solar electricity to millions of people previously without access to basic utilities. BBOXX shares our vision to remove barriers to economic growth and facilitate the development of Africa’s economies,” commented Jurie Swart, CEO of Africa Infrastructure Investment Managers.
“It is also telling that an infrastructure fund like ours is backing distributed solar through investing in a company of the calibre of BBOXX. It reflects both the ambition of BBOXX and the maturity of the off-grid sector.”
AIIM is the largest infrastructure-focused private equity fud manager, as well as being a member of Old Mutual Alternative Investments.
“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,” stated Mansoor Hamayun, Co-Founder and CEO of BOXX.
“AIIM’s investment will turbo-charge our operations in Rwanda, Kenya and the Democratic Republic of Congo. This will allow us to scale rapidly and continue to drive disaggregation in what has traditionally been a vertically integrated market.”
“We look forward to working together to power economic growth and transform the lives of underserved communities, by creating a platform which will bring access to affordable utility provision and value-added services.”