- IIP Symbiotics is set to provide Baobab+ with a $5 million loan for solar power acceleration.
- The firm will deploy the solution in six African countries.
Symbiotics, an impact investment platform, plans to provide financial support to Baobab+ in its African electrification efforts. The French firm aims to provide solar kits to six sub-Saharan African countries.
The funding, to the tune of $5 million, will aid Baobab in strengthening its electricity access services in the Ivory Coast, Mali, Senegal, Madagascar, Nigeria and the Democratic Republic of Congo (DRC).
Baobab+ installs solar home systems in these sub-Saharan African countries, mainly in rural households. In addition to lighting, these systems can power small electronic devices such as cell phones, radios and televisions. To reduce the cost barrier in rural areas where purchasing power is quite low, the electricity provider is banking on the pay-as-you-go model that is very common in the solar home systems segment.