The solar system provider closed a series D round led by Mistubishi that included existing backer Engie Rassembleurs d’Energies.
Diversified trading group Mitsubishi Corporation led a $50m series D round for UK-based solar power system producer Bboxx yesterday.
Engie Rassembleurs d’Energies, an affiliate of energy utility Engie that promotes sustainable energy access, also took part in the round along with impact investor Bamboo Capital Partners; impact investment fund Doen Participaties and growth equity firm MacKinnon, Bennett & Company (MKB).
Bboxx supplies plug-and-play solar systems to customers in some 35 developing nations, with the company’s focus predominantly on Africa. They are packaged with appliances and work on a pay-as-you-go (PAYG) basis.
The company also provides a remote management system for use with larger solar energy projects, and an electricity management platform for grid operators.
Bboxx’s co-founder and CEO, Mansoor Hamayun, said: “The funding is further evidence of Japanese interest in Africa and in PAYG solar energy globally. Mitsubishi Corporation’s extensive reach, sector specific and technological expertise will help us to reach more people without reliable access to modern utilities and services at even greater scale.
“We look forward to this next phase of growth that will help us to transform more lives, unlock potential and grow our already global footprint by opening up new markets and develop further our product range.”
The company’s recent funding has largely consisted of stakes in regional operations. Africa Infrastructure Investment Managers invested $31m in its Rwanda, Kenya and Democratic Republic of the Congo operations in January this year, three months after energy utility EDF took a 50% stake in its Togo business.
Engie Rassembleurs d’Energies co-led Bboxx’s $20m series C round with MKB and private equity fund KawiSafi Ventures in 2016, investing alongside Bamboo Finance, Doen Foundation and Khosla Impact Fund.
Bbox had received $15m in debt and equity financing from Engie Rassembleurs d’Energies, MKB, Doen, Bamboo Finance, Synergy Growth, Khosla Impact Fund, Ceniarth and Oikocredit late the previous year.
Bamboo Finance, Doen Foundation, Khosla Impact Fund and Synergy Growth (then known as Synergy Energy) had already provided a total of $4.9m for the company across rounds in 2013 and early 2015.
Photo courtesy of Bboxx.