- Bboxx secures funds to deploy solar home systems in Kenya.
- Over 470,000 households are set to benefit from the project.
U.K.’s energy company, Bboxx, announced that it had secured a loan to finance solar home systems (SHS) to benefit 470,000 households in East Africa.
Bboxx noted that the loan denomination (KES1.6 billion /€12.3 million) in local currency would encourage other commercial lenders in Africa to fund solar projects. Announcing the finance package today, the company emphasised that the cash would pay for equipment, including 89,600 solar home systems and appliances such as solar-powered telephones and fridges, to benefit rural settlements.
It added that the finance would also lead to 100 new long-term jobs in the country.
The loan was secured from Mauritian-owned SBM Bank Kenya, and London-based financial services entity GuarantCo has guaranteed three-quarters of the sum. GuarantCo is funded by the governments of the U.K., Switzerland, Australia, and Sweden via the Private Infrastructure Development Group trust; and by the Netherlands through its international development bank, the FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden).