The debt funding will be used to help 150,000 Rwandans finance BBOXX’s home solar products and systems.
The funds will be managed by Banque Populaire du Rwanda in an unusual trilateral structure for pay-as-you-go solar.
Banque Populaire du Rwanda also helps support BBOXX’s 250,000 current Rwandan customers. BBOXX closed a $20 million equity round last year to expand in Kenya and Rwanda and launch in new markets in West Africa.
The new debt capital was provided by Deutsche Asset Management’s Essential Capital Consortium, a $50 million debt fund launched in 2015.
The African Guarantee Fund and USAID provided guarantees and MFX Solutions provided a foreign exchange swap to hedge against currency fluctuations.
