All On, a prominent Nigerian impact investment company, has inked a strategic $2.25 million credit facility investment deal with Baobab Plus Nigeria. This investment is set to propel the deployment of 1,536 solar energy systems across Nigeria, ranging from 600W to 3KW.
The partnership aims to leverage Baobab+ Nigeria’s existing Pay-as-you-Go Agent Network, spanning 21 locations across the Southwest, North Central, and Northwest regions. All On emphasized that the collaboration will not only illuminate homes and communities but also empower them while safeguarding the environment.
In an official statement, All On’s CEO, Caroline Eboumbou, highlighted the company’s dedication to increasing access to energy products and services for underserved communities in Nigeria. She emphasized the support for innovative companies, such as Baobab+, that are leading the charge in renewable energy access.
“This collaboration with Baobab+ is proof of our commitment to supporting Nigeria’s path to sustainable development and creating a brighter future for all Nigerians,” Eboumbou asserted.
Baobab+ Nigeria’s CEO, Kolawole Osinowo, expressed enthusiasm about the partnership, describing the investment as a unique financing model that allows Baobab+ to expand its reach and empower SMEs and communities nationwide. Osinowo emphasized that by providing affordable solar systems, Baobab+ is not only delivering cost savings and improved living conditions but also contributing to environmental sustainability.
“This perfectly aligns with Baobab+’s mission, and with All On’s invaluable support, we can make a significant impact on the lives of countless people,” Osinowo noted.
The investment will facilitate the expansion of Baobab+’s PayGo Agent Network into new locations, with a focus on rural off-grid and underserved communities. The flexible payment options offered to consumers aim to remove the major price barrier, making solar energy products accessible to those on low incomes by adapting to their spending habits.
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Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.