- Bboxx acquires Ghana’s PEG Africa.
- The acquisition is still subject to customary closing conditions, though signed paperwork exists.
According to two insider reports, Bboxx, a London-based cleantech startup, has reportedly acquired PEG Africa, another cleantech startup situated in Accra, in a deal worth $200 million.
This acquisition is the largest across all categories—including venture funding, grant, or M&A—in the African cleantech startup ecosystem. Such a large injection signals the sector’s maturity and sets the stage for more capital injection into it.
Though signed paperwork exists, the acquisition is still subject to customary closing conditions, including an agreement with lenders. Where arrangements are concerned, institutional lenders like Nairobi- and London-based Sunfunder and Swiss ResponsAbility, which both finance PEG’s operations, will need to take their time to move entities (aka debt) from PEG to Bboxx. The source revealed that these moving parts might take another three weeks to effect.
As noted by one source, Bboxx’s overarching ambition is to become one of the biggest next-generation utility companies in the world. Since Africa is a significant focal point—followed by Asia, which it has expanded into—Bboxx is ready to consolidate its position by merging with or acquiring existing energy startups.