Thursday, April 18, 2019 UTC

AGF Magazine - March 2019 issue

  • We focus on fixed income opportunities in both public and private markets. Read on to find in which fixed income instruments and in which African markets to invest on pp. 10-11. In addition, Ashley Benatar of Ashburton Investments shares his views on benefits and risks of investing in mezzanine debt on p.22.
  • We speak with Jérémie Ceyrac, Head of Equity, Responsible Investments at Proparco to learn more about the French development institution, financial products on offer, recent investments in Africa and African impact investment scene (pp. 13-15).
  • This month’s market feature focuses on Nigeria. Sven Richter, Fund Manager, Drakens Capital, writes about his recent trip to the West African country and his observations. “While Nigeria is attractive as an investment destination, the GDP growth is a disappointment for a county that we expect to be one of the leaders in Africa,” he says (pp. 16-17).
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News > Private Equity > Deals

AIIF3 invests in BBOXX

Anna Lyudvig
Jan. 16, 2019, 9:40 p.m.

Word count: 429

African Infrastructure Investment Managers (AIIM) has acquired through its African Infrastructure Investment Fund 3 (AIIF3) a minority stake in BBOXX’s operations in East Africa, as part of a $31m investment plan. 

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African Infrastructure Investment Managers (AIIM) has acquired through its African Infrastructure Investment Fund 3 (AIIF3) a minority stake in BBOXX’s operations in East Africa, as part of a $31m investment plan. 

BBOXX is a next generation utility platform developing solutions to provide affordable, clean energy to off-grid communities in emerging markets.

Ashwin West, Investment Director at AIIM, said: “With over 590 million people lacking access to electricity in Africa, coupled with increasing household incomes and a need for power, off grid solar offers a compelling alternative for rural communities and areas with unreliable grid access."

"BBOXX’s business model ensures that upfront prices for consumers remains affordable by reducing existing energy costs and spreading the cost of a solar home system over time. We look forward to working alongside the management team as it continues to build on BBOXX’s successes, improving access to power in Africa.”

Growth equity provided by AIIM will accelerate the roll-out of BBOXX’s solar systems, which combine solar panels and batteries with pioneering technology, payable on a pay-as-you-go basis utilizing mobile money, across Rwanda, Kenya and the Democratic Republic of Congo. 

The funds will be applied across BBOXX’s distribution mix, positively impacting a range of customers including households, schools, SMEs, and businesses across rural, urban and peri-urban regions. 

It will help in enabling economic growth in these communities by creating new markets through the entry point of electricity.

Mansoor Hamayun, CEO and co-founder of BBOXX, said: “Since our founding in 2010, more than 150,000 BBOXX products have been sold in more than 35 countries. This has connected over 800,000 people with clean, affordable electricity for the first time. AIIM has an impressive track record in the African power sector, supporting companies to reach the next stage of growth and evolution."

"We are delighted to welcome AIIM as an investor. The deal will allow us to continue to drive disaggregation in what has traditionally been a vertically integrated market and we look forward to partnering together to reach more people across Africa, providing much needed access to electricity.”

AIIF3 is AIIM’s third pan-African fund, focused primarily on power, transportation and energy infrastructure across sub-Saharan Africa. 

Including BBOXX, AIIM has made nine investments on behalf of the AIIF3 fund. 

Other investments are Starsight Power Utility Ltd, a leading energy services company in Nigeria; AIIM Hydroneo, a pan-African hydro power development platform; DSM Corridor Group, a specialist dry bulk terminal operator in Tanzania; Albatros Energy Mali, a 90 megawatt (MW) thermal power station and Amandi Energy Limited, a 200MW thermal power station in Ghana.

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