Investment name: MyJouleBox
Publication date: 16 Dec 2020
Total ElectriFI Financing: 1.5 m EUR
Region: West Africa
Sector: Solar PV – Solar Home Systems, SHS
Allocation: EDFI Benin Country Window
Environmental and Social Category: B
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk
MyJouleBox is an innovative company specialized in the commercialization, installation and maintenance of PV solutions in Benin. Since inception in 2012, the company sold > 30,000 systems for total installed capacity of > 1.3 MWp. MyJouleBox is now looking at strengthening its market position in Benin and expanding into Burkina Faso, Togo and Senegal.
ElectriFI is considering a total investment of EUR 1.5 m in MyJouleBox alongside other financiers with the aim to create 31,000 new connections offering a sustainable, reliable source of energy to 155,000 beneficiaries. With the funding, the company plans to recruit 200 new staff.
Why ElectriFI wants to fund this project:
ElectriFI is supportive of this investment opportunity as it will support a key off-grid player in West-Africa and will create high long-term impact via sustainable and affordable energy solutions.
Environmental and Social Rationale:
The E&S risk category of the transaction has been classified B. Activities come with limited adverse risks associated with labour and working conditions. Battery disposal/recycling is currently the main concern regarding e-waste management. IFC Performance Standards 1 to 3 can be triggered. The company will develop a HR policy and a waste management policy.