Essential Capital Consortium is a fund managed by Deutsch Asset Management, a 20 year veteran in the sustainable investing sector. Atlas Mara’s Rwandan entity; Banque Populaire du Rwanda (BPR) will manage the facility.
The trilateral deal between BPR, Atlas Mara, and BBOXX is the first of its kind in the industry and is further evidence of the ground made by BBOXX in terms of its fundraising abilities. Earlier this year it closed the world’s first local currency financing deal with BPR, while two years ago it also became the first to secure an off-grid solar home portfolio.
Monica Keza, Managing Director of BBOXX Rwanda, said: “We are excited to partner with another top tier investor to continue providing the most comprehensive off-grid solution at an affordable price in Rwanda, accelerating the Government of Rwanda’s vision of universal energy access […] This deal proves global financial institutions are eager to partner to catalyse off-grid solar in Rwanda and East Africa more broadly. What we have done is not just unique structurally, it is unique for the entire industry.”
Andrew Pidden, Head of Sustainable Investments at Deutsche Asset Management, commented: “BBOXX is one of the most exciting and scalable companies in the off-grid sector today and has built a strong presence in Rwanda. Deutsche Asset Management is pleased to support the growth in access to electricity toward a goal of universal access to energy for all.”
Furthermore, BBOX has been announced as a finalist for the prestigious Zayed Future Energy Prize award with the firm laying its credentials of excellence in impact, innovation, leadership and long-term vision.
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