Bboxx Nigeria Gains Access to $300M Solar Fund

May 14, 2025

Key Figures & Findings: Bboxx Nigeria, a subsidiary of UK-based Bboxx Ltd, which expanded its African footprint by acquiring PEG Africa in 2022,  has secured access to the $300 million World Bank-supported fund under the Nigeria Electrification Project, aiming to deliver off-grid solar power to over 90 million Nigerians without reliable electricity. The funding, facilitated by the Rural Electrification Agency, will enable Bboxx and other private developers to expand solar system deployment to rural homes and small businesses. Ernest Akinlola, Managing Director of Bboxx Nigeria, emphasized the opportunity to significantly scale solar adoption following Bboxx’s earlier success with a $75 million REA program in 2022. 

Insights: Nigeria’s grid access remains below 60%, with over 40% of the population lacking electricity. The  Stand-Alone Solar (SAS) fund represents one of the largest rural electrification initiatives globally, combining private-sector innovation with international development support.

Future Implications: If effectively deployed, the SAS fund could help scale solar adoption across underserved communities and contribute meaningfully to Nigeria’s rural electrification targets by 2026. Broader success could further attract private sector investment into Africa’s off-grid solar market.