PAS Solar Limited
- Solar PV
- Business model
ElectriFI Nigeria Country window subscribed to a USD 3 million senior loan in PAS Solar Limited, a project developer installing thousands of solar home systems to Nigerian households and micro enterprises through its operating subsidiary PAS BBOXX. The loan is part of a larger syndicated loan facility to fund the company’s goal to reach 35.000 installations over the next 5 years.
Contract signature date: 3 April 2019
Total ElectriFI financing: USD 3m
Environmental and Social Category: C
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk
Brief description of the client and project
Pan African Solar and BBOXX have executed an exclusivity partnership and license agreement to address the access to energy gap in Nigeria, resulting into the creation of PAS Solar, aimed at deploying 150,000 connections (solar PV panels with battery storage and appliances) by 2023. These units are pre-financed and distributed through a PayGo rental model. The technology of BBOXX Solar Home Systems has been at full scale commercial operations for seven years in Africa. Today, PAS Solar has a footprint of over 3500 units installed in the country.
For this transaction, ElectriFI will be part of a USD 10 million syndicated debt facility with initial funding from the Renewable Energy Performance Platform (REPP) and arranged by Camco Clean Energy. ElectriFI will contribute up to USD 3m over 5 years to fund the growth of the company in Nigeria, with a high focus on northern states.
Why ElectriFi wants to fund this project
ElectriFI supports this prospect because it is one of the pioneering companies expanding into the difficult but large Nigerian market, focusing on northern and rural areas with a strong partnership in pace with one of the Tier 1 SHS manufacturer in Africa. The access to energy impact in these isolated and underdeveloped areas is deemed very high.
PAS Solar at a glance
- Number of beneficiaries
- Annual output (MWh/y)
- GHG avoidance (tCO2eq/y)