Mitsubishi's first giant step in African off-grid, with record $ 50 million fundraising

(Agence Ecofin) – The Japanese conglomerate Mitsubishi Corporation has entered the field of off-grid (off-grid) energy in Africa, taking part, as a leader, in a fundraiser for the benefit of the British holding company. BBOXX, including several African subsidiaries, particularly in East and West Africa, is active in the sector.

The transaction took the form of a $ 50 million capital increase. The Japanese group, which thus acquires a significant stake, was followed in this project by shareholders already existing in the shareholding of BBOXX Holdings. The resource will be used to finance the group's deployment in its markets in Africa and Asia.

"This fundraising will allow BBOXX to continue its international expansion and corporate mission to use technology to transform millions of lives. To date, BBOXX has helped nearly one million people access solar energy, thanks to a mobile pay-per-view system (pay-as-you-go, PAYG), "reads the press release announcing the information.

The operation is, to date, the largest fundraiser in the field of off-grid for the benefit of Africa, has seen theEcofin Agency, according to the data of the region, in his possession. It reinforces the confidence of other large institutional investors in BBOXX Holdings' African project.

Let's not forget that the French energy group EDF has a 50% stake in the company's Togolese subsidiary, while the South African insurance group Old Mutual has positioned itself in the the subsidiary's capital in East Africa through its Africa Infrastructure Investment Managers fund.

This transaction benefited from the support of Enexus Finance, as lead financial advisor, and Clairfield International. " We are pleased and proud to participate in this iconic transaction, which marks one of the most significant investments in the off-grid energy sector in Africa in recent years. "Said Julien Lefilleur, President of Enexus Finance

In an Africa where electricity access rates remain low and investments in large networks are subject to significant constraints on access to finance, the off-grid is presented as a solution for the population and an opportunity. for investments. The Japanese Mitsubishi Corporation is thus involved in a sector where the potential of the market is estimated at nearly $ 8 billion.

Idriss Linen