A pioneering platform set to revolutionize access to energy for millions in sub-Saharan Africa and Asia has been launched according to BBOXX, the BEAM platform. The BEAM platform, the first of its kind, is set to initially deploy $50 million in equity for distributed energy service companies (DESCOs) and will unlock further debt capital.
The platform is the brainchild of Bamboo Capital Partners and BBOXX.
BEAM starts with a first equity investment in BBOXX and its data-driven DESCOs, providing off-grid energy to consumers in Africa and Asia, to scale and generate greater impact in their respective markets. In addition to the equity capital from BEAM, the investment platform will catalyze further capital through debt, joint ventures and co-investments.
BEAM aims to play an instrumental role in delivering energy services to transform lives in the developing world. BEAM aims to aid the growth of an array of off-grid energy service companies, spanning solar home systems, large solar, and metering applications such as pumps and mini-grids.
In the first phase the deployment of capital will focus on 10countries but the vision is for this to disrupt the market and scale across continents.
Jean-Philippe de Schrevel, Founder at Bamboo Capital Partners,said, “BEAM will catalyze substantial investment into off-grid energy access initiatives across the developing world. By drawing in and encouraging further capital via joint ventures, debt and co-investments, we have a bold and ambitious vision of providing millions more with access to energy to improve their everyday lives.
"The vision of BEAM is to grow and thereby unlock this multi-billion-dollar market.Importantly, alongside a tried and tested strategy, BEAM already has considerable firepower to make investments in the coming year. We will now be executing our strategy so that in the long term we achieve Bamboo’s ultimate objective of delivering social and financial impact.”
By focusing on distributed businesses, BEAM is helping to leapfrog the need for developing countries to invest in expensive traditional grid infrastructure, thereby aiding economic growth.
Partnering through BEAM will enable distributed energy service companies to benefit from BBOXX’s data-driven smart technology to improve operational efficiency and enhance customer service.
Mansoor Hamayun, Chief Executive Officer of BBOXX said, “BEAM solves two key market failures to scale DESCOs across the developing world – firstly, access to equity before debt becomes viable, and secondly it allows to drive disaggregation in what has been a vertical integrated model – both essential to scale.
“The BEAM model will allow to take our successful model in Rwanda and Kenya and expand it across Africa and Asia by solving a key financial challenge.We are excited by the prospect of partnering with Bamboo and the BEAM platform to power the growth.”