- Baobab+ has raised €10m to finance its expansion in Africa.
- The clean energy provider will use part of the funding to fund growth in the DRC and Nigeria specifically.
- Baobab+ provides solar energy and digital technology access to rural parts of the continent.
Solar systems distributor Baobab+ has raised €10 million from Norwegian fund Norfund to fund its expansion plans in Sub-Saharan Africa. The funding will enable Baobab+ to expand its activities in southern Africa as it plans to reach one million households over the next five years. The company will also use part of the funding to accelerate growth in the Democratic Republic of Congo and Nigeria.
Baobab+ currently operates in Mali, Ivory Coast, Senegal and Madagascar, providing 220,000 households with energy services over the past half-decade. The company sustained annual growth of 60 per cent despite the covid-19 pandemic last year. In addition, Baobab+ offers two complementary services: access to electricity and digital technology through the distribution of solar energy and Pay-As-You-Go (PAYG) payment support from smartphones. Alexandre Costner, CEO Baobab+, notes that “Africa will experience an unprecedented demographic explosion in the next ten years and Baobab+ wants to take part in this future revolution, by electrifying and digitizing the rural world in Africa.