Togo - BEAM, an investment platform created by the Togolese private equity firm, Bamboo Capital Partners (‘Bamboo’), recently went into a partnership with BBOXX and EDF to bring greater clean energy access in Togo.
BBOXX, a next generation utility company, and EDF, the world’s leading electricity company, also signed an agreement to develop and market solutions for access to off-grid electricity in Togo. The agreement will see EDF acquiring a 50% stake in BBOXX Togo. EDF will also provide its technical know-how to improve battery performance in addition to providing the investment required to speed up deployment of solar home systems.
BBOXX has been operating in Togo since 2017 where, as a key partner in the Togolese government’s CIZO programme, it has already supplied electricity to 26,000 Togolese households. The company has opened around 20 shops that directly employ around 100 people selling solar home systems that include solar panels supplied with batteries to store electricity and payable with mobile money. The systems have the capacity to provide power for domestic appliances like TVs, radios, fans and mobile phone chargers.
“Our latest deal with EDF symbolises the first stepping stone in a strong strategic partnership. It will see us work together to bring smart and sustainable energy solutions and other vital utilities and value-added services to the underserved,” says BBOXX CEO Mansoor Hamayun.
“Working with global partners like EDF shows our commitment to scaling up, mobilising greater investment, generating meaningful impact and powering the economic development of some of the world’s least developed communities. Access to energy is a real driver for economic growth in Togo and other countries in the region. BEAM’s investment in BBOXX Togo will be crucial in terms of generating the impact on which we are all focused”, adds Hamayun.
“By teaming up with BBOXX in Togo, the EDF Group has embarked on a new stage of development of its off-grid activities in Africa, which has been constantly speeded up since our Ivory Coast subsidiary, Zeci, was set up less than two years ago,” says Valerie Levkov, EDF’s Senior Vice-President in charge of Africa and Middle East. “We are proud to work with a partner like BBOXX, which shares our commitment to low carbon energies. The partnership that has just been set up fits in with the EDF strategy CAP 2030, whose main purpose is to triple our activities outside Europe.”
The investment in BBOXX Togo by EDF represents the latest development in BEAM’s vision to deliver energy services that will transform lives in emerging markets like Africa energy.
“This is a significant milestone for BEAM as it is a proof of concept moment. BEAM was created with a clear vision to catalyse substantial investment into off-grid energy access initiatives across the developing world, with today’s BBOXX-EDF partnership a tangible example of this. I am delighted that such a renowned and reputable organisation as EDF has aligned to BEAM’s vision and I look forward to announcing similar partnerships, investments and deals in the coming months and years, ” says Jean-Philippe de Schrevel, Founder and Managing Partner at Bamboo.
BBOXX and EDF are aiming for a 35% market share in Togo by 2024 and are also planning to work together in other African countries.
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