Baobab Group Completes Strategic Sale of Majority Stake in Baobab+ to BioLite

Paris, May 6th, 2025: Baobab Group announced today the successful completion of the sale of its majority stake in Baobab+ to BioLite. 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. Concurrently, the transaction aligns with Baobab Group’s strategic focus on its core business: providing financial services to small businesses and underserved communities throughout the African continent.

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, 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. 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, 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 already positively impacted over 14.6 million lives worldwide by offering safe, affordable, and sustainable energy solutions.

BioLite has been Baobab+’s primary supplier and strategic partner in off-grid solar products for the past six years. This change in ownership structure marks a significant milestone, creating opportunities for even greater collaboration, growth, and innovation. With BioLite becoming the majority shareholder, Baobab+ is now well positioned as a vertically integrated provider of renewable energy solutions and a market leader in most of the countries where it operates, poised to champion renewable energy across the African continent.

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. His solid experience and strategic vision will be instrumental in steering the Group through this next phase of growth and development.

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 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.”

”With BioLite’s innovation and Norfund’s support, we are entering a new era—scaling with purpose, deepening our local impact, and delivering sustainable energy solutions across Africa. I’m honoured to lead Baobab+ into this next chapter with a team of talented professionals.” stated Kolawole Osinowo, CEO, Baobab+ Group “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.”

“Building on a 6-year close partnership, BioLite is extremely excited to become the new shareholder of Baobab+. This partnership has been in alignment with BioLite’s mission to “Empower people and protect the planet through access to renewable energy”, and we hope to continue on this mission together with Baobab+. We believe that, by tying BioLite and Baobab+ together, we can achieve both tighter operational efficiencies as well as greater investor confidence, enabling a financially stable growth platform for the future of both businesses. In addition, BioLite’s carbon finance platform will be more effectively applied in Baobab+ markets, leading to both lower consumer prices and healthy profit margins. Therefore, this transaction will strengthen Baobab+ and enhance its performance in both the medium and long term. BioLite will closely support the Baobab+ operating team to scale the operations, drive profitability, and deliver impact in these key markets.” Stated Jonathan Cedar, CEO of BioLite.

 

“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

Baobab Group as the seller, was advised by Enexus Finance as M&A advisor, Gide Loyrette Nouel as legal advisor, and PwC as provider of the Tax VDD.

About Baobab+

Launched in 2015 and operating in four African countries, Baobab+ is a social enterprise that supports households and entrepreneurs in their energy autonomy through the distribution of solar kits, with 425,000 households already equipped (+2.5 million beneficiaries). In addition to this primary vocation, Baobab+ offers digital devices for educational and professional purposes, with more than 263,000 households already equipped. These products benefit from financing facilities to make them accessible to all.

Discover more about Baobab+ at Baobabplus.com.

Contact : [email protected]

About Baobab Group

Baobab is a leading financial services provider to small businesses on the African continent. Through its seven subsidiaries, Baobab provides financial services to more than half a million micro-entrepreneurs and small businesses. It expands its reach to MSMEs in frontier markets by leveraging data and digital technologies, thereby fulfilling its mission of broadening access to finance among those underserved by traditional banks. Baobab’s global range of products includes MSME loans, savings solutions, and mobile payments. More information on www.baobab.com

Contact : [email protected]

About BioLite

BioLite is a social enterprise that develops and distributes off-grid energy products for people living beyond the traditional grid. Serving outdoor, home, and emerging markets, the self-reliant energy company has reached over 14.6 million users with innovative power, lighting, and cooking solutions. The company has received numerous recognitions, including the CES Innovation Award, Popular Science’s Best of What’s New, Fast Company’s Innovation by Design Awards, BusinessWeek’s Most Promising Social Enterprise, and a nomination for Outdoor Retailer’s Inspiration Awards. Headquartered in New York and Nairobi, the company was founded in 2009 by Jonathan Cedar and Alec Drummond.

Discover more about BioLite at BioLiteEnergy.com.

Contact : [email protected]

About Norfund

Norfund is the Norwegian Investment Fund for developing countries with a mission to create jobs and improve lives by investing in businesses that drive sustainable development. Owned and funded by the Norwegian Government, Norfund is the Government’s most important tool for strengthening the private sector in developing countries and reducing poverty. Norfund’s committed portfolio amounts to USD 3.8 billion, with investments across Sub-Saharan Africa, South/Southeast Asia, and Latin America. For more details, please visit: www.norfund.no

Contact : [email protected]