South African infrastructure investment firm Africa Infrastructure Investment Managers (AIIM) plans to acquire a minority stake in UK-based solar systems startup BBOXX’s operations.
AIIM, via its AIIF3 fund, will infuse $31 million for a minority stake in BBOXX’s operations in Rwanda, Kenya and the Democratic Republic of Congo.
BBOXX said that the deal will enhance its instalment of two million solar systems by 2022, bringing electricity to 10 million people in these African countries as well as the roll-out of its solar systems.
With the proposed funds, BBOXX will distribute its mix as well as impacting a range of customers including households, schools and small and medium-sized enterprises across rural, urban and peri-urban regions.