Transformative Investment in Renewable Energy
All On, a prominent impact investment firm in Nigeria, has taken a significant stride in advancing the country's solar revolution. The firm recently inked a pivotal investment agreement with Baobab Plus Nigeria, committing $2.25 million to a credit facility. This strategic move aims to roll out 1,536 solar energy systems across Nigeria, with capacities ranging from 600W to 3KW.
Empowering Communities Through Solar
The collaboration leverages Baobab+ Nigeria's extensive Pay-as-you-Go Agent Network, spanning 21 locations in the Southwest, North Central, and Northwest regions. All On emphasizes that this partnership not only brings light to homes and communities but also empowers them while safeguarding the environment.
All On's Vision for Sustainable Growth
Caroline Eboumbou, CEO of All On, recently affirmed the company's commitment to enhancing the availability of energy products and services for underprivileged communities in Nigeria. She underscores the significance of supporting pioneering enterprises like Baobab+, positioned at the forefront of expanding access to renewable energy. According to Eboumbou, "Our partnership with Baobab+ stands as a testament to our dedication to aiding Nigeria’s journey towards sustainable growth and ensuring a brighter future for every Nigerian."
Baobab+'s Groundbreaking Financing Approach
Kolawole Osinowo, CEO of Baobab+ Nigeria, expressed enthusiasm about the partnership, labeling the investment as a groundbreaking financing approach. This approach is poised to empower small and medium-sized enterprises (SMEs) and communities nationwide, enabling Baobab+ to widen its reach. Osinowo emphasizes that Baobab+'s provision of affordable solar systems extends beyond reducing costs and enhancing living conditions; it significantly contributes to environmental sustainability. "This is in perfect harmony with Baobab+'s mission. Thanks to the invaluable support from All On, we’re positioned to make a substantial impact on numerous lives," remarked Osinowo.
Expansion Into Untapped Regions
The investment is poised to extend Baobab+'s PayGo Agent Network into new regions, with a specific focus on rural, off-grid, and underserved communities. The consumer-friendly payment options are meticulously designed to overcome the primary cost hurdle, ensuring that solar energy products are accessible to low-income earners. This strategic alignment with financial capabilities ensures that solar energy solutions become an attainable reality for communities striving for a brighter, sustainable future.