Small logo Subscribe to leading news on impact investing. Learn More
The Brief Originals Dealflow Signals The Impact Alpha Impact Voices Podcasts Agents of Impact Open
What's Next Capital on the Frontier Measure Better Investing in Racial Equity Beyond Trade-offs Impact en las Americas New Revivalists
Local and Inclusive Climate Finance Catalytic Capital Frontier Finance Best Practices Geographies
Slack Agent of Impact Calls Events Contribute
The Archive ImpactSpace The Accelerator Selection Tool Network Map
About Us FAQ Calendar Pricing and Payment Policy Privacy Policy Terms of Service Agreement Contact Us
Locavesting Entrepreneurship Gender Smart Return on Inclusion Good Jobs Creative economy Opportunity Zones Investing in place Housing New Schooled Well Being People on the Move Faith and investing Inclusive Fintech
Clean Energy Farmer Finance Soil Wealth Conservation Finance Financing Fish
Innovative Finance
Personal Finance Impact Management
Africa Asia Europe Latin America Middle East Oceania/Australia China Canada India United Kingdom United States
Subscribe Log In

Off-Grid Energy Access Fund makes local-currency loan to BBOXX

ImpactAlpha, May 23 – Companies trying to improve energy access often grapple with foreign exchange problem: their investors support them in dollars and euros but their customers pay them in local currency. The Off-Grid Energy Access Fund’s goal is to help those companies circumvent the problem by lending to them in local currency.

Off-grid solar company BBOXX is one of the fund’s first beneficiaries. The Off-Grid Energy Access Fund has issued BBOXX an $8 million loan (roughly 7.3 billion Rwandan francs) to expand sales of its solar home systems in Rwanda, where it currently has 800,000 systems installed in homes and businesses.

The funding follows a $31 million equity investment in BBOXX from Africa Infrastructure Investment Managers (AIIM) in January to expand in Rwanda, Kenya and the Democratic Republic of Congo.

The Off-Grid Energy Access Fund was launched last year by the African Development Bank as part of its $500 million Facility for Energy Inclusion. The Nordic Development Fund, the Global Environment Facility, Calvert Impact Capital and Nigeria-based energy impact investor All On also backed the fund. It reached a $58 million first close in August towards a $100 million goal.

You might also like...