MyJouleBox

Investment name: MyJouleBox

Publication date: 16 Dec 2020

Website: https://myjoulebox.com

Total ElectriFI Financing: 1.5 m EUR

Region: West Africa

Country: Benin

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

Project overview:

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.

Funding objective:

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.