project

PAS Solar Limited

Country: Nigeria
Technology: Solar PV
Business model: SHS

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

Status: exited

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

EDFI ElectriFI contributed up to USD 3 million – as part of a USD 10 million syndicated debt facility – over 5 years to fund the growth of the PAS Solar in Nigeria, with a high focus on northern states.

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.

At a glance