The Nigerian subsidiary of UK-based Bboxx has signed a performance-based subsidy agreement with the Rural Electrification Agency (REA) of Nigeria. The company is participating in the electrification of rural areas under the Nigeria Electrification Project (NEP).
Bboxx Energy Access Nigeria is a beneficiary of the Rural Electrification Agency’s (REA) Outcome Based Grant (OBF) program. This mechanism is implemented under the Nigeria Electrification Project (NEP), which aims to increase access to electricity for households and businesses, primarily in rural areas.
Last week, we signed a grant agreement with @realREANigeria under the SHS component of the Nigeria Electrification Project.
SHS units will be deployed by us towards transforming the lives of about 77,000 people with clean, reliable and affordable electricity.#BboxxNigeria pic.twitter.com/3poaYr6BNf— Bboxx Nigeria (@Bboxx_Nigeria) March 3, 2022
Under REA’s OBF program, the Nigerian subsidiary of UK-based Bboxx will receive grants to install solar home systems (SHS) for households and micro, small and medium enterprises (MSMEs). REA funding is provided by NEP partners, including the African Development Bank (AfDB) and the World Bank.
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Access to the OBF program is a stepping stone for Bboxx, which only launched operations in Nigeria in October 2021. The Mansoor Hamayun-led company has a clear goal of electrifying 20 million people as well as MSMEs over the next 10 years. To meet this challenge, Bboxx is supported by Bamboo Energy Access Multiplier (BEAM), a $50 million fund launched four years ago with Bamboo Capital Partners, a Luxembourg-based private equity firm.
Bboxx started its operations in Nigeria with a focus on Badagry, Ikorodu, Ijebu Ode, Abeokuta, Ogbomosho and Ibadan. Its operations have also expanded into Osun, Ekiti and Ondo states. The solar home systems provider estimates that the expansion of its operations in Nigeria will create 10,000 green jobs. Above all, it will help reduce the electrification gap in rural Nigeria, where the federal government estimates the current rate at 45%.
Jean Marie Takouleu
