dark

Breaking News: Solar giant, Baobab+ raises €4 million to strengthen access to power in Côte d’Ivoire and Senegal

Baobab+, a solar home systems distributor in West Africa, has raised €4 million in financing for the expansion of its activities in Côte d’Ivoire and Senegal.  The amount was raised in two rounds of €2 million each from Shell’s Energy Entrepreneurs Growth Fund (EEGF), managed by Triple Jump, the Facility for Energy Inclusion Off-Grid Energy…
Breaking News: Solar giant, Baobab+ raises €4 million to strengthen access to power in Côte d’Ivoire and Senegal

Baobab+, a solar home systems distributor in West Africa, has raised €4 million in financing for the expansion of its activities in Côte d’Ivoire and Senegal. 

The amount was raised in two rounds of €2 million each from Shell’s Energy Entrepreneurs Growth Fund (EEGF), managed by Triple Jump, the Facility for Energy Inclusion Off-Grid Energy Access Fund (FEI-OGEF) and LHGP Asset Management. 

According to a message to TechCabal, the raise will help Baobab+ to expand its range with new products and promote socio-economic development in rural areas.

Baobab+ is a social enterprise operating in Senegal, Côte d’Ivoire, Mali, Madagascar and currently being deployed in Nigeria and the Democratic Republic of Congo. 

Alexandre Coster, founder and CEO of Baobab+, wrote in an email to TechCabal 

“In rural areas, only half of the Senegalese population has access to energy and this proportion is under 40% in Côte d’Ivoire.” 

Coster says these two rounds of financing will greatly contribute to addressing this situation by allowing the company to expand its distribution network of solar kits in these two countries while targeting micro-entrepreneurs through the distribution of kits.

In Senegal, Baobab+ has distributed about 10,000 solar products since it started operations in 2015, particularly in rural areas where the company uses a Pay As You Go (PAYG) system. It operates in six African countries and has equipped about 220,000 households (1.2 million beneficiaries), giving them access to solar power. 

In Côte d’Ivoire, where it has been operating since 2016, over 50,000 products have already been distributed to households and micro-entrepreneurs. 

On how open the African market is when it comes to embracing green energy, the International Energy Agency, a Paris-based government think-tank, predicts that 500 million people in Africa will have solar electricity by 2030. Currently, the African markets are in some respects skipping over the fossil fuel age altogether. 

Baobab+ is not the only solar company expanding its services to other countries in Africa. Earlier this year, Nigeria’s AllBase Energy announced that it was expanding its solar power distribution system to Angola in the third quarter as part of its expansion plan.

Get the most comprehensive roundup of technology news on the continent, delivered to your inbox every weekday at 7am WAT

Read this next

Did Jumia fail to surprise investors?

Jumia has now completed the “at the market” offering of 8,962,961 American Depositary Shares. The shares were sold at an average price of $38.90 per ADS, generating aggregate gross proceeds of $348.6 million.

More From TC

At 11:55 am, a few minutes to our scheduled time, there was no sign that Olorunrinu Oduola would show up on Zoom for our interview. It was the third time we were scheduled to meet. “Are we still good as per timing?” I sent this to her on Twitter – the only channel I was […]

apple_pay

Apple users in South Africa can now make payments using Apple Pay following a launch of the service this week for the first time in Africa. Apple Pay is the smartphone manufacturer’s payment and digital wallet system. Users of the iPhone, iPad, Mac and Apple Watch can use the feature to pay online on various […]

My Life In Tech is putting human faces to some of the innovative startups, investments, and policy formations driving the technology sector across Africa. I discovered Shecluded while I was doing some research for TechCabal’s IWD special edition newsletter. I wanted to feature newer faces and voices. I was looking for African women who were quietly […]

Did Jumia fail to surprise investors?

Jumia has now completed the “at the market” offering of 8,962,961 American Depositary Shares. The shares were sold at an average price of $38.90 per ADS, generating aggregate gross proceeds of $348.6 million.


Read More

Total
0
Shares
Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post
Breaking News: Bank accounts blocked, phone bugged, Rinu #EndSARS activist speaks about her life and aspirations

Breaking News: Bank accounts blocked, phone bugged, Rinu #EndSARS activist speaks about her life and aspirations

Next Post
Breaking News: MTN Nigeria’s USSD codes now powered by Flutterwave, others, as Banks boycott operator

Breaking News: MTN Nigeria’s USSD codes now powered by Flutterwave, others, as Banks boycott operator

Related Posts
Breaking News: Can NIBSS save BVN from bank scams and be a fair umpire?

Breaking News: Can NIBSS save BVN from bank scams and be a fair umpire?

NIBSS wants to tighten security around Nigeria’s Bank Verification Number (BVN) system. But there are concerns about fair competition. On the 29th of March this year, the Nigeria Interbank Settlement Scheme (NIBSS) published an important document. The “Approved Standard Operating Guidelines for BVN Matching System Version 2.0” document is Nigeria’s BVN operations manual. It explains…
Read More
Breaking News: The Next Wave: Pay attention to digital banks 🏦

Breaking News: The Next Wave: Pay attention to digital banks 🏦

The Next Wave – TechCabalPhoto by Jonathan Cooper on UnsplashAugust 8, 2021 The Next Wave provides a futuristic analysis of BizTech in Africa. This newsletter goes out every Sunday at 3 PM (WAT) and is written by TechCabal’s managing editor, Koromone, with support from TC Insights. Hey everyone, it’s Koromone. I have always been fascinated by the…
Read More