EDF Energy invests in Kenyan energy companies, Econet Energy & Bboxx Kenya
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EDF Energy (Electricite de France), an energy supplies company, has agreed to buy stakes in off-grid focused energy firms Econet Energy Kenya and Bboxx Kenya. This will see EDF become the latest global firm to target the local fast-growing off-grid energy market.
EDF in a statement, said it has bought a 50% stake in solar energy firm Econet Energy Kenya and a 23% stake in off-grid energy company Bboxx Kenya. The financial terms were not disclosed.
EDF has entered the Kenyan market in solar irrigation pumps for small-holder farmers with its partner Sunculture. EDF said it will now extend its off-grid offer to the residential market and target to connect more than 2 million Kenyans to electricity by 2025.