Leading Nigerian impact investment firm, All On, has partnered with Baobab Plus Nigeria, committing $2.25 million to a credit facility for the deployment of 1,536 solar energy panels, ranging from 600W to 3KW in capacity, across Nigeria.
The collaboration, which was agreed upon on 31st December 2023, leverages Baobab Plus Nigeria’s extensive Pay-as-you-Go Agent Network, which covers 21 locations in the Southwest, North Central, and Northwest regions of the country. All On noted that the partnership would not only bring light to homes and communities but also contribute to environmental conservation.
All On’s CEO, Caroline Eboumbou, highlighted the company’s commitment to enhancing the availability of energy products and services for underserved communities in Nigeria. She noted the importance of supporting innovative enterprises like Baobab Plus that play a pivotal role in expanding access to renewable energy.
Eboumbou stated, “our partnership with Baobab Plus stands as a testament to our dedication to aiding Nigeria’s journey towards sustainable growth and ensuring a brighter future for every Nigerian.”
CEO of Baobab Plus Nigeria, Kolawole Osinowo, was also enthused about the partnership, describing it as a groundbreaking financing approach. This approach will enable Baobab Plus to extend its reach, empowering small and medium-sized enterprises (SMEs) and communities nationwide.
Osinowo also expalined that Baobab Plus’s provision of affordable solar systems not only reduces costs and improves living conditions but also contributes significantly to environmental sustainability.
“This is in perfect harmony with Baobab Plus’s mission. Thanks to the invaluable support from All On, we’re positioned to make a substantial impact on numerous lives,” Osinowo noted.
The investment is expected to facilitate the expansion of Baobab Plus’s PayGo Agent Network into new regions, with a particular focus on rural, off-grid, and underserved communities. The consumer-friendly payment options are designed to overcome the primary cost hurdle, ensuring that solar energy products are accessible to low-income earners by aligning with their financial capabilities.