Clifford Chance has advised Mitsubishi Corporation on its role in leading an investment in next generation utility company BBOXX Limited.
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.
Clifford Chance Partner Natsuko Sugihara (Picture) 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.
Law Firms: Clifford Chance;
Clients: Mitsubishi Corporation;