NAIROBI, Kenya, Jan 25 -Nearly half a million are set to benefit from Shs1.6 billion (USD 15 million) mid-term debt facility issued by SBM Bank Kenya to Bboxx Kenya to support the finance of affordable solar home systems to over 470,000 Kenyans.
The tripartite transaction arrangement involves GuarantCo, part of the Private Infrastructure Development Group (PIDG) has supported the transaction with an Shs 1.2billion (USD 11.25million) partial guarantee (75 percent) against the loan facility.
The funds will be used by Bboxx Kenya to purchase new inventory over the next two years including 89,600 solar home systems and essential appliances such as fridges and phones.
Eighty percent of the beneficiaries are based in rural areas the majority of whom currently use torches and non-traditional fuel as their main source of lighting.
Jotham Mutoka, SBM Bank Kenya’s Deputy Chief Executive Officer (DCEO) said the funds are aimed at enabling school children to access electricity at home and subsequently uplift the social-economic status of the entire home leading to a smarter tomorrow.
“SBM Bank is elated to spur the growth of the energy sector in Kenya through partnerships with like-minded entities such as Bboxx and GuarantCo. Through this transaction, ” he said.
“We continue to work with our customers in key sectors of the economy like energy, manufacturing, Agribusiness to offer unique and tailor-made solutions that meet their needs whether they are SMEs or large corporates,” Mutoka added.
Emily Bushby, COO/CFO of GuarantCo, said: “We are delighted to partner with Bboxx and SBM Bank to make this solar home systems transaction happen to the benefit of people in Kenya.”
“The funds will enable the firm to unlock potential and transform even more lives for the better through energy access in Kenya. It is a positive step in the right direction in securing more funds to help tackle the global energy access gap and make progress towards meeting UN Sustainable Development Goal 7 – energy for all, “Mansoor Hamayun, CEO Bboxx added.
