- Baobab Group sold its majority stake in Baobab+ to BioLite, enabling the renewable energy provider to accelerate innovation and scale its impact across Africa.
- BioLite and Norfund appointed Kolawole Osinowo as CEO of Baobab+, positioning the company for strategic growth under new ownership.
Baobab Group has sold its majority stake in Baobab+ to BioLite. This strategic divestment allows Baobab+ to harness BioLite’s technological expertise and operational strengths to accelerate innovation and sustainable growth in renewable energy solutions across Africa.
This transaction also aligns with Baobab Group’s strategic decision to focus on its core business, delivering financial services to small businesses and underserved communities across the continent.
Baobab+ currently operates in Senegal, Côte d’Ivoire, Nigeria, and Madagascar and plays a prominent role in delivering off-grid renewable energy solutions. As the company nears its 10th anniversary, it continues to expand rapidly and positively impact communities across the region.
Since its founding, Baobab+ has provided solar energy to more than 425,000 households, improving the lives of over 2.5 million people. Beyond energy, the company promotes digital inclusion, supplying more than 263,000 customers with smartphones and digital devices, mainly through pay-as-you-go financing models.
BioLite, founded in 2009 and headquartered in New York and Nairobi, specialises in renewable energy solutions. The social enterprise develops innovative cooking, charging, and lighting products and serves energy-poor communities and outdoor enthusiasts through its “Parallel Innovation” model.
To date, BioLite has positively impacted over 14.6 million lives around the world by offering safe, affordable, and sustainable energy.
Over the past six years, BioLite has served as Baobab+’s primary supplier and strategic partner in off-grid solar products. By acquiring a majority share in Baobab+, BioLite marks a significant milestone in the partnership, unlocking new opportunities for deeper collaboration, growth, and innovation.
As BioLite assumes majority ownership, Baobab+ now operates as a vertically integrated provider of renewable energy solutions and holds a market-leading position in most of its countries of operation. This change positions the company to advance its mission of championing renewable energy across Africa.
BioLite and Norfund, the new shareholders, have appointed Kolawole Osinowo as CEO of the Baobab+ Group. Since 2021, Mr Osinowo has led Baobab+ Nigeria’s transformation into a Solar PAYGO Centre of Excellence. His strong experience and strategic leadership will guide the Group through its next growth phase.
Philip Sigwart, CEO of Baobab Group, stated, “We are proud to have supported Baobab+’s remarkable journey over the past decade, helping it serve over 425,000 households across Africa. Baobab+ has delivered high-quality renewable energy solutions that empower households and entrepreneurs alike. This divestment supports our strategic focus and enables Baobab+ to enter its next growth phase while we concentrate on providing financial services to underserved communities and small businesses across Africa.”
Kolawole Osinowo, CEO of Baobab+ Group, added, “With BioLite’s innovation and Norfund’s support, we are entering a new era—scaling with purpose, deepening our local impact, and delivering sustainable energy solutions across Africa. I am honoured to lead Baobab+ into this next chapter with a team of highly skilled professionals. We are also grateful for Baobab Group’s unwavering support throughout the years—their commitment has been instrumental in expanding access to energy and digital solutions for underserved communities.”
Commenting on the development, Jonathan Cedar, CEO of BioLite, noted, “After six years of close collaboration, BioLite is thrilled to become Baobab+’s new shareholder. This partnership aligns with our mission to empower people and protect the planet through renewable energy. By bringing BioLite and Baobab+ closer, we aim to achieve stronger operational efficiency and greater investor confidence, creating a financially resilient platform for long-term growth. We will also better leverage BioLite’s carbon finance platform in Baobab+ markets to reduce consumer costs and improve profit margins. Our team will work closely with Baobab+ to scale operations, boost profitability, and maximise impact in key markets.”
In addition, Birgit Edlefsen, Senior Vice President at Norfund, said, “This new chapter for Baobab+ represents a strategic leap forward. As a Development Finance Institution and long-standing investor in Africa’s distributed energy sector, we believe backwards integration and consolidation are essential for long-term success in last-mile distribution. Norfund will continue to support Baobab+ as a significant minority investor.”
The seller, Baobab Group, received advisory support from Enexus Finance (M&A), legal counsel from Gide Loyrette Nouel, and tax due diligence services from PwC.