Bboxx, a London-headquartered cleantech startup that provides clean energy in Africa, has reportedly acquired PEG Africa, another cleantech startup based in Accra, in a deal that pushes its valuation to well over $300 million.
The acquisition is still subject to customary closing conditions, including an agreement with lenders.
Institutional lenders like Nairobi- and London-based Sunfunder and Swiss Responsibility, which both finance PEG’s operations, will need to take their time to move entities from PEG to Bboxx.
The source says Bboxx’s overarching ambition is to become one of the biggest next-generation utility companies in the world.
Bboxx has helped more than 5 million people access clean energy.