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Baobab+ has raised €4 million to expand its operations in Senegal and Ivory Coast.
- The company operates in rural areas, providing SHS units to homes and small businesses.
- Baobab+ has distributed over 150,000 solar systems to households and small businesses in rural areas.
Baobab+, a French solar home systems solutions provider, has completed two rounds of financing to expand its operations in Senegal and Ivory Coast. The company raised €4 million from two investors – the Energy Entrepreneurs Growth Fund (EEGF), managed by Triple Jump, and the Facility for Energy Inclusion Of-Grid Energy Access Fund (FEI-OGEF), a facility of the African Development Bank (AfDB) managed by LHGP Asset Management.
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Baobab+ majorly operates in rural areas where it provides solar home system (SHS) kits to homes and small businesses. The company already operates in major francophone countries in Africa, including; Madagascar, Mali, Ivory Coast, Senegal, and plans to enter the DR Congo and Nigeria.
Baobab+ operates on the pay-as-you-go model, with payments being facilitated by mobile banking. With the funds raised, the company intends to expand its services in rural areas in Senegal and the Ivory Coast. According to the company’s founder and CEO, Alexandre Coster, the funds will enable the company to expand its distribution network of solar kits in both countries while targeting more micro-entrepreneurs by distributing kits for productive use.
Baobab+ has distributed over 150,000 solar systems to households and small businesses in rural areas since it began operations in both countries in 2015 (Senegal) and 2016 (Ivory Coast). According to SE4All, rural electricity access in both countries is still low 38 per cent. With both countries relying on off-grid solutions for rural electrification, there is a huge potential for expansion for Baobab+.