BioLite Acquires Baobab+ To Further Renewable Energy In Africa

Paris-based Baobab Group which provides financing to MSMEs mostly in Africa, has announced the successful completion of the sale of its majority stake in Baobab+ to BioLite. Headquartered in New York and Nairobi, BioLite was founded in 2009 by Jonathan Cedar and Alec and distributes off grid energy products.

This strategic divestment will enable Baobab+ to leverage BioLite’s technological expertise and operational strengths, accelerating innovation and sustainable growth in renewable energy solutions across Africa.

Operating in Senegal, Côte d’Ivoire, Nigeria, and Madagascar, Baobab+ is a prominent provider of off-grid renewable energy solutions. As the company approaches its 10th anniversary, it claims to have equipped more than 425,000 households with solar energy, improving the quality of life for over 2.5 million people. In addition to its primary mission, Baobab+ 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.

BioLite, has been known for its innovative products across cooking, charging, and lighting. 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 positioned as a vertically integrated provider of renewable energy solutions and a market leader in most of the countries where it operates. 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.

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 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.”

“For Norfund, as a Development Finance Institution and notable investor in the African distributed Energy landscape, this next chapter for the company encompasses a leap forward and further strengthens the strategy implemented when we first invested. We believe backward integration and consolidation are key for ‘Last mile distributors’ long-term success. Norfund will remain a significant minority investor in the Company as it embarks on this new journey”. Stated Birgit Edlefsen, Senior Vice President at Norfund.