British BBOXX is partnering with online investment platform Lendahand Ethex to provide access to affordable solar energy across the African continent. Both companies are embarking on a campaign initiative to raise about $3.1 million (£2.5 million) in order to make renewable energy a dream come true for families in Rwanda, Togo and Nigeria.
“One of the main inhibiting factors for solar and energy access in Rwanda, Togo and Nigeria is the lack of available and competitive finance,” said Danny den Hartog, Lendahand Ethex’s Managing Director, in a statement on Monday.
The first offer of the crowdfunding initiative will see to the provision of solar systems to 2,500 rural households in Rwanda, as 81% of the country’s population lack access to electricity.
Stressing on the significance of the scheme, Hartog said, “Through Energize Africa we are providing solar businesses with an alternative low-cost finance option that ultimately creates a win for our investors, a win for the solar businesses and a win for African families.”
Access to electricity has been a serious challenge in Africa as 600 million of Africa’s 1.2 billion populations are not connected to an electrical network, African Outlook reported. Over the years, some African countries including Nigeria, South Africa, Ghana and Senegal have been plagued with outages, irregular supply and surging electricity costs. This is an indication of the continent’s insufficient generation capacity and lack of infrastructure.
A coordinated twenty-five percent funding of the campaign value is expected to be provided by the United Kingdom and implemented to spur the attainment of the Sustainable Development Goal, which aims to guarantee access to affordable, reliable, sustainable and modern energy come 2030.