- Norfund has invested €10m in Baobab+.
- The funds will fund expansion plans in the Company’s current market and lunch operations in 2 more.
- Baobab+ plans to deploy its solutions to 1 million households over the next five years.
Solar services provider Baobab+ has received a €10 million ($11.6m) equity investment from the Norwegian government’s investment fund for developing countries, Norfund. Baobab+ plans to utilise the funds to expand its presence in the existing markets in Cote d’Ivoire, Mali, Senegal and Madagascar, and launch operations in Nigeria and the Democratic Republic of Congo.
Baobab+ says it has provided about 220,000 rural households (about 1.2 million people) with solar solutions over the past year plans to deploy its solar and digital products to one million households over the next five years. The Company offers SHS under the pay-as-you-go (PAYG) payment model and provides digital solutions for e-education, health or small business management.
Baobab+ developed a credit scoring framework alongside its parent organisation, Baobab Group; Baobab+ developed a credit scoring framework that enables its PAYG customers to become eligible for a nano-credit using their repayment history from solar or digital services. While Baobab+ initially introduced this service in Senegal, the Company plans to deploy it in other countries gradually.