Bboxx, a firm that manufactures plug-and-play solar systems, has acquired PEG Africa, a provider of distributed energy in West Africa. The acquisition will transform the continent’s utility sector by making Bboxx and its group of companies one of the largest networks in Africa for utility services and a driving force behind access to goods and services for underserved communities.
To date, Bboxx has provided more than 2.5 million people with access to clean energy and other products. Following the acquisition, Bboxx will have over 250 shops and 4,000 staff, positively impacting the lives of 3.5 million people in 10 operating markets across Africa.
The combined customer payments received for Bboxx’s expanding range of products are expected to total more than two million payments per month or about one per second, making it one of the largest digital payment platforms in Africa.
PEG has expanded rapidly across West Africa, reaching one million people with its solar home systems (SHS) in Senegal, Ivory Coast, Ghana, and Mali. Through the acquisition of PEG, Bboxx consolidates its position as a leading source of clean energy solutions in Africa, with over 35 MW of installed solar capacity.
PEG customers will now benefit from Bboxx’s super platform, offering an extensive range of products and services including additional solar home systems (SHS), clean cooking solutions, accessible finance products, and mobile phone technology. In turn, Bboxx will gain access to new customers and markets, as well as PEG’s extensive operational experience and credit capabilities, which generates the best portfolio quality in the industry.
All customers will be managed through Bboxx’s proprietary, fully integrated operating system, Bboxx Pulse®. The deal represents the first time that Bboxx Pulse® has been used to integrate a new company, as well as its services and customers, into the Bboxx fold. It marks a major step forward as Bboxx progresses with its transition from being mostly a provider of clean energy solutions, to becoming a super platform, providing access to goods, services and utilities to underserved rural communities and aspiring urban ones across Africa.
The agreement was closed on 6th September 2022. Financials have not been disclosed. Bboxx was advised by Lions Head Global Partners.
Welcoming the deal, Mansoor Hamayun, CEO and Co-Founder of Bboxx, said: “We founded Bboxx 12 years ago with the goal of transforming lives and unlocking potential of billions of underserved customers through access to essential products and services, including clean energy, clean cooking and financial services. While we have made great strides in this mission, there is still plenty more to do. In West Africa alone, there are over 150 million people with no access to electricity. By gaining access to new markets and utilising PEG’s impressive operational experience, we will strive to change that.
PEG’s founders, Hugh and Nate, have built an exceptional company that has changed a million lives for the better. Their dedicated team, great customer service and focus on the customer experience will only make Bboxx stronger as we come together to continue to drive economic development across Africa. I am delighted to be bringing PEG into the Bboxx family.”
Hugh Whalan, CEO and Co-Founder of PEG Africa, said “We have built a pioneering energy provider in West Africa and have been extraordinarily lucky to do it with a group of remarkable people who are passionate about making a positive impact in the world. We look forward to having even greater impact with the bigger scale that is achieved through joining forces with Bboxx.”
