BBOXX's Kenya solar PV Portfolio

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This project involves the development of a portfolio of new off-grid solar home systems (SHS) in Kenya. The sponsor is UK-based power developer BBOXX. The project is procured through the Government's Kenya Off-Grid Solar Access Project (KOSAP) program. The nature of the SHS initiative is the direct relation between the customer and the supplier and the customers pay for their SHS units via local currency, which can expose foreign companies like BBOXX to significant exchange risks. The sponsor is planning to supply up to 470 thousand clients in rural Kenya. The total cost is $15m (KSh 1.6 billion), and is provided with a loan from the SBM Bank Kenya. GuarantCo, a part of the Private Infrastructure Development Group (PIDG), has provided a $11.25 million (Ksh 1.2 billion) partial guarantee (75%) against the loan facility. The financial closed date is January 25th, 2022. Realfin https://bboxx.co.ke/news/bboxx-secures-kes-1-6-billion-loan-from-sbm-bank/