Clifford Chance advises Mitsubishi Corporation on leading a US$50 million investment round into next generation utility company BBOXX
18 September 2019
Clifford Chance advises Mitsubishi Corporation on leading a US$50 million investment round into next generation utility company BBOXX
Leading international law firm Clifford Chance has advised Mitsubishi Corporation (Mitsubishi) on its role in leading an investment in next generation utility company BBOXX Limited (BBOXX). Mitsubishi led the US$50 million Series D funding into London-based BBOXX, which provides off-grid energy via innovative plug and play solar home systems in 12 countries in Africa and the developing world.
BBOXX has impacted nearly one million people to date through access to pay-as-you-go (PAYG) solar energy using mobile money, and plans to use the investment to open up new markets and provide other key utilities in addition to electricity, such as gas and water, along with fundamental consumer services, such as insurance and finance.
Partner Natsuko Sugihara led on the deal supported by senior associate Timothy Merchant. Counsel Masafumi Shikakura provided advice on the antitrust aspects of the deal and senior associate Tess Forge advised on anti-bribery, corruption and sanctions. Due diligence and additional advice was also provided by the firm's offices in Beijing, Hong Kong and London, as well as from external lawyers in Kenya, the Democratic Republic of Congo, Rwanda and Togo.
Natsuko said, "We are proud to have advised Mitsubishi on this investment which will help bring clean and affordable energy to homes in the developing world, especially in Sub-Saharan Africa where nearly 600 million people lack access to electricity. This complex cross-border deal underscores the depth and breadth of our practice and sector expertise in cleantech and renewable energy".