Bboxx Energy Access Nigeria signed an Output-Based Fund (OBF) grant agreement with the Rural Electrification Agency of Nigeria (REA Nigeria) last week Friday, as part of the Nigeria Electrification Project’s Solar Home Systems (SHS) component (NEP).
Bboxx Energy Access Nigeria will deploy thousands of SHS units as a result of this agreement, with the goal of transforming the lives of approximately 500,000 Nigerians by providing clean, reliable, and affordable electricity.
Mr. Ernest Akinlola, Managing Director, Bboxx Energy Access Nigeria, stated at the signing event, “I am honored and privileged to represent Bboxx Limited and Bboxx Energy Access Nigeria at the signing of the output-based fund.” As part of Nigeria’s Electrification Project, the $60 million fund allows Bboxx Nigeria to receive grants in the form of subsidies for the installation of Solar Homes Systems (SHS) for households and micro, small, and medium enterprises in rural areas (NEP). With this development, we will make significant progress toward our goal of providing sustainable, clean power to 20 million Nigerians over the next ten years.”
“Bboxx met all of the requirements for inclusion in the scheme as part of the qualification process.” This is also a testament to the global team’s hard work and effort at Bboxx Limited, Bboxx Capital, and Bboxx Energy Access Nigeria Limited. I’d like to thank the REA and NEP PMU teams for their excellent assistance in achieving our common goal of providing energy access to the most vulnerable.”
Bboxx, a next-generation utility addressing the global energy poverty crisis that will be officially launched in Nigeria in October 2021, provides a much-needed solution to Nigeria’s electrification challenges by increasing access to clean, affordable, and dependable Solar Home Systems (SHS). Bboxx operations began in April 2021 and have quickly expanded to Badagry, Ikorodu, Ijebu Ode, Abeokuta, Ogbomosho, and Ibadan, with plans to expand further into Osun, Ekiti, and Ondo states.
With 45 percent of Nigerians without access to electricity, rising to 74% in rural areas, there is a significant opportunity to improve the lives of millions through clean energy provision. Supporting rural underserved communities, as well as low-income families, small business owners, and market traders, remains a top priority.
