Baobab Group has announced the successful completion of the sale of its majority stake in Baobab+ to BioLite.
This strategic divestment would enable Baobab+ to leverage BioLite’s technological expertise and operational strengths, accelerating innovation and sustainable growth in renewable energy solutions across Africa, it said.
The transaction aligns with Baobab’s strategic focus on its core business: providing financial services to small businesses and underserved communities throughout Africa, it added.
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+ continues to grow rapidly, making a significant positive impact on communities across the region.
To date, Baobab+ has equipped more than 425,000 households with solar energy, improving the quality of life for over 2.5 million people.
BioLite, founded in 2009 and headquartered in New York and Nairobi, is a social enterprise dedicated to renewable energy solutions.
Known for its innovative products across cooking, charging and lighting, BioLite meets the unique needs of both energy-poor communities and outdoor enthusiasts through its distinctive parallel innovation model.
BioLite has been Baobab+’s primary supplier and strategic partner in off-grid solar products for the past six years.
The change in ownership structure marks a significant milestone, creating opportunities for even greater collaboration, growth and innovation.
CEO of Baobab Group, Philip Sigwart, said: “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.”
CEO, Baobab+ Group, Kolawole Osinowo, stated: “We also remain deeply grateful for Baobab Group’s unwavering support over the years; their dedication has been crucial in expanding access to energy and digital solutions for underserved communities.”
