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BioLite, a New York and Nairobi-based renewable energy firm for cooking, charging, and lighting products has acquired solar energy distributor Baobab+ from Baobab Group.
BioLite has been Baobab+’s primary supplier and strategic partner in off-grid solar products for the past six years. With BioLite becoming the majority shareholder, Baobab+ is now poised to champion renewable energy across the African continent.
According to Jonathan Cedar, CEO of BioLite, “Building on a 6-year close partnership, BioLite is extremely excited to become the new shareholder of Baobab+. This partnership has been in alignment with BioLite’s mission to “Empower people and protect the planet through access to renewable energy”, and we hope to continue on this mission together with Baobab+. We believe that, by tying BioLite and Baobab+ together, we can achieve both tighter operational efficiencies as well as greater investor confidence, enabling a financially stable growth platform for the future of both businesses.”
The transaction aligns with Baobab Group’s strategic focus on its core business: providing financial services to small businesses and underserved communities throughout the African continent. The transaction is also expected to strengthen Baobab+ and enhance its performance.
BioLite will closely support the Baobab+ operating team to scale the operations, drive profitability, and deliver impact in these key markets. BioLite, founded in 2009 and headquartered in New York and Nairobi, is a social enterprise dedicated to renewable energy solutions.
BioLite has already positively impacted over 14.6 million lives worldwide by offering safe, affordable, and sustainable energy solutions. The new shareholders, BioLite and Norfund, have appointed Kolawole Osinowo as CEO of the Baobab+ Group. Since 2021, he has successfully led the transformation of Baobab+ Nigeria into a Solar PAYGO Centre of Excellence.
Operating in Senegal, Côte d’Ivoire, Nigeria, and Madagascar, Baobab+ is a provider of off-grid renewable energy solutions. As the company approaches its 10th anniversary, Baobab+ has equipped more than 425,000 households with solar energy, improving the quality of life for over 2.5 million people.
Baobab+ also promotes digital inclusion and has equipped over 263,000 customers across its markets with smartphones and other digital devices, primarily through pay-as-you-go financing plans.
Philip Sigwart, CEO of Baobab Group, commented, “We are proud to have supported Baobab+’s impressive journey over the past decade, enabling it to serve more than 425,000 households across its markets in Africa. Baobab+ has consistently provided high-quality renewable energy solutions, empowering both households and entrepreneurs. Our decision to divest is strategically aligned with our vision, enabling Baobab+ to enter its next growth phase while allowing us to concentrate fully on our mission of delivering financial services to small businesses and underserved communities across Africa.
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