DAI Magister was pleased to advise leading distributed energy company PEG Africa on their merger with Bboxx, a UK start-up delivering clean energy supply in the developing world, the first merger of this kind on the continent and in particular, the off grid solar space.
With over 700,000 daily users, and operating across Ghana, Côte d’Ivoire, Senegal and Mali, PEG Africa is a leader in providing digital financing solutions for solar homes systems to those who do not have access to an electrical grid in rural and remote communities. All its solar products are integrated with mobile embedded finance via its PAYG financing model and through flexible micro-payments, customers gain ownership of assets which they can use as collateral for loans for further products and services.
Based in London and with key partnerships with some of the largest energy companies in the world, Bboxx manufactures, distributes and finances decentralised solar powered systems to the developing world. It provides affordable clean electricity and other utility services to millions who do not have access to a reliable grid connection. Through its innovative management platform powered by IoT technology and its strong strategic affiliations, it is able to positively impact over 2 million people, across 27 markets.
By joining forces, PEG’s customers will gain access to additional products such as Bboxx’s range of value-added products including additional SHSs, clean cooking solutions, finance products, and mobile technology and in turn, the merger will give Bboxx access to new markets and PEG’s extensive operational and credit experience.
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.”
DAI Magister was privileged to assist PEG Africa in their next phase of growth that will not only allow them to expand further across the continent and grow their already global pan-African footprint but, more importantly, to help improve the lives of some of the poorest and most vulnerable within the countries they operate by achieving important economies of scale when cost competitiveness is the name of the game.
This follows on from our most recent transaction where we advised Africa’s leading connected asset financing platform, M-KOPA, on its growth equity round of $75m, and is a testament to DAI Magister’s expertise and track record in the climate and fintech sectors.
Find out more about us.