All On and BAOBAB Secure $2.25 Million Investment to Advance Solar Energy Systems in Nigeria
All On, a Nigerian impact investment company, has signed a $2.25 million credit facility investment with Baobab Plus Nigeria as part of its Demand Aggregation for Renewable Technology (DART) program. The collaboration aims to deploy 1,536 Solar Energy Systems (SES) with capacities ranging from 600W to 3KW through Baobab Plus Nigeria’s distribution channels across the country.
The Pay-as-you-Go (PAYGO) model will be utilized, leveraging Baobab Plus Nigeria’s existing agent network and expanding into new locations. This initiative is a step toward achieving a sustainable energy future in Nigeria, providing affordable and reliable solar energy products for SMEs and individuals, particularly in rural off-grid and underserved communities.
“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 the CEO, of All On, Caroline Eboumbou. “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.”
The CEO, of Baobab+ Nigeria, Kolawole Osinowo said, “Baobab is thrilled by this innovative partnership with All On’s DART Programme. This investment is a unique financing model that allows us to expand our reach and empower SMEs and communities nationwide to transition to renewable energy seamlessly.
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 significantly impact countless people’s lives.”
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The Demand Aggregation for Renewable Technology (DART) program, supported by investments from GEAPP and All On, is designed to pool demand, aggregate procurement of solar equipment, and provide access to affordable finance.
The program aims to unlock economies of scale for solar companies, realize cost savings for end-users, and accelerate the growth of the renewable energy sector in Nigeria. Through initiatives like DART, impact investment organizations are contributing to the development and expansion of sustainable energy solutions in the country.
