The fund targets investments in renewable energy, climate and digitalization in developing countries in sub-Saharan Africa, including Kenya, South Africa, Ghana and Nigeria.
Baobab+ Borrows $1.3m from Oikocredit to Boost Household Access to Technology, Solar Energy in Rural Côte d’Ivoire
The Ivorian unit of the France-based renewable energy company Baobab+ recently borrowed EUR 1.2 million (USD 1.3 million) from Dutch cooperative investor Oikocredit. Baobab+ is active in six African countries, primarily selling solar panel kits, solar lamps and touchscreen tablets. The firm sells many of these items on a pay-as-you-go basis, whereby users’ devices can be turned on or off remotely depending on the timing of customer payments. Baobab+ provides the pay-as-you-go option via Angaza, a firm with offices in Kenya and the US. The purpose of the loan from Oikocredit is to expand the work of Baobab+ in rural and semi-urban parts of Côte d’Ivoire.
Baobab+ is a subsidiary of the Baobab Group, a France-based corporation whose other subsidiaries are microfinance institutions (MFIs) active in China and eight African countries. Baobab+ sells its products – a total of 250,000 since its founding in 2015 – through many of the Baobab Group’s MFI subsidiaries. As of 2022, Baobab Group had 4,300 employees serving 457,000 customers with EUR 335 million (USD 366 million) in deposits held. During that year, the group disbursed loans totaling EUR 1.0 billion (USD 1.1 billion) with an average loan amount of EUR 4,570 (USD 5,000).
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Overview
| Organization | Baobab+, Oikocredit |
| Source | Baobab+ Borrows $1.3m from Oikocredit to Boost Household Access to Technology, Solar Energy in Rural Côte d’Ivoire |
Updates
Baobab+ (Organization)
| Name | Role | Amount | Financing Instrument | Status |
| Oikocredit | Investor | 1.300.000 USD | Debt | New |