BEAM, the investment platform created by Bamboo Capital Partners has announced a partnership with BBOXX and EDF to bring greater access to clean, reliable and affordable energy in Togo, powering economic growth and transforming lives.
The partnership with EDF, the world’s leading electricity company, and BBOXX, a next-generation utility, will provide a reliable, affordable and CO2-free contribution to the Togo Government’s electrification programme, known as ‘CIZO’, which aims to supply two million people with solar home systems by 2022.
As part of the partnership, BEAM will invest in BBOXX Togo, the local DESCO (Distributed Energy Service Company). The injection of capital will be used to finance and accelerate the growth of BBOXX Togo.
BBOXX has been operating in Togo since 2017 and as a key partner in the CIZO programme, it has already supplied electricity to 26,000 Togolese households. BBOXX has opened around 20 shops, employing around 100 people in Togo. Its solar home systems include solar panels supplied with batteries to store electricity and payable with mobile money.
Mansoor Hamayun, CEO and co-founder of BBOXX, said: “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.
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.”
BEAM is the brainchild of Bamboo, a private equity firm delivering positive social and financial value, and BBOXX. The investment in BBOXX Togo represents the latest development in BEAM’s vision to deliver energy services that will transform lives in emerging markets, with 1.1 billion people still without access to energy.
Jean-Philippe de Schrevel, Founder and Managing Partner at Bamboo, commented: “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.”
EDF will also provide the investment required to speed up the deployment of the solar home systems and also provide technical expertise to improve battery performance.
Valerie Levkov, EDF’s Senior Vice-President in charge of Africa and Middle East, stated: “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. 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.”