• Friday, July 12, 2024
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All On, Baobab+ sign $2.25m deal to provide 1,500 solar energy systems

Baobab Nigeria launches new savings product

All On, a Nigerian impact investment company through its Demand Aggregation for Renewable Technology (DART) program has signed a $2.25 million credit facility investment with Baobab Plus Nigeria, a provider of innovative energy and digital solutions to deploy 1,536 Solar Energy Systems (SES) ranging between 600W – 3KW through its Distribution Channels across the country.

The collaboration aims to utilize Baobab+ Nigeria’s current Pay-as-you-Go (PAYGO) Agent Network in 21 locations across South West, North Central and North West of Nigeria, to reach the goal of deploying 1,536 SES.

With this investment, Findings showed Baobab+ will also be expanding its PayGo Agent Network into new locations and leveraging its collaboration with financial institutions across the country.

“This deployment will mark a pivotal moment towards a sustainable energy future in Nigeria by providing affordable, reliable solar energy products for SMEs and Individuals,” a statement by All On said.

It noted that Baobab+ Nigeria and All On DART’s programme are not only illuminating homes and communities of the underserved and unserved, but also empowering communities, and protecting the environment.

Read also: Sustainable solar energy financing can transform Nigeria rural economy

The PayGo distribution channel will be used to finance and distribute stand-alone Solar Energy Systems to rural off-grid and underserved communities through agent network systems to aid last-mile distribution.

The flexible payment offered to the consumers, which DART’s attractive financing options contribute to, makes it possible to remove the major price barrier and make products accessible to people on low incomes by adapting to their spending habits. Baobab+ is also providing premium after-sales services to ensure the best possible customer experience.

“All On is committed to increasing access to energy products and services for under-served and un-served communities in Nigeria and supporting innovative companies that are leading the charge in renewable energy access,” says Caroline Eboumbou, All-On’s CEO.

He added, “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”.

Kolawole Osinowo, the CEO, of All On said ” This investment is a unique financing model that allows us to expand our reach and empower SMEs and communities across the country to seamlessly transition to renewable energy”.

“By providing affordable solar systems, we are not only delivering cost savings and improved living conditions but also safeguarding the environment for future generations. 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 said.

Read also: Fighting Nigeria’s climate change with solar energy solutions

The Demand Aggregation for Renewable Technology (DART) program which is seeded by investments from GEAPP and All On combines demand pooling, aggregated procurement of solar equipment and access to affordable finance to unlock economies of scale for solar companies, achieve cost savings for end-users, and accelerate the growth of the renewable energy sector in Nigeria.