All On, a prominent impact investment firm, has recently inked a substantial investment agreement with Baobab+ Nigeria.
All On, a prominent impact investment firm, has recently inked a substantial investment agreement with Baobab+ Nigeria. The firm has committed a whopping $2.25 million to support a credit facility that will propel the deployment of 1,536 solar energy systems across the country, ranging in capacity from 600W to 3KW.
This strategic collaboration aims to leverage 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 goes beyond illuminating homes and communities; it is a concerted effort to empower these areas and safeguard the environment through the adoption of renewable energy solutions.
Caroline Eboumbou, CEO of All On, recently affirmed the company’s commitment to enhancing the accessibility of energy products and services for underprivileged communities in Nigeria. She underscored the significance of supporting trailblazing enterprises like Baobab+ that play a pivotal role in expanding access to sustainable energy.
“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,” stated Eboumbou.
Kolawole Osinowo, CEO of Baobab+ Nigeria, expressed immense enthusiasm about the partnership, highlighting the investment as a groundbreaking financing approach.
This innovative approach is poised to enable Baobab+ to broaden its reach, empowering small and medium-sized enterprises (SMEs) and communities nationwide. Osinowo emphasized that Baobab+’s provision of affordable solar systems goes beyond cost reduction and improved living conditions; it also 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.
The infusion of $2.25 million is poised to expand Baobab+’s PayGo Agent Network into new regions, with a particular focus on rural, off-grid, and underserved communities.
The innovative and consumer-friendly payment options are designed to overcome the primary cost hurdle, ensuring that solar energy products are within reach for low-income earners by aligning with their financial capabilities.
The solar energy systems to be deployed as part of this investment will have capacities ranging from 600W to 3KW, catering to diverse energy needs in both urban and rural settings. The emphasis on affordability and accessibility is expected to bring about a transformative change in the energy landscape of Nigeria.
All On’s commitment to supporting initiatives that drive sustainable growth aligns seamlessly with the broader vision of fostering environmental consciousness and inclusive development. The investment in Baobab+ Nigeria not only represents a financial backing but also signifies a shared commitment to creating a positive impact on the lives of Nigerians.
As Nigeria grapples with energy access challenges, collaborations like the one between All On and Baobab+ serve as beacons of hope, showcasing the potential for private sector investments to drive meaningful change.
The expansion of renewable energy solutions into new regions is anticipated to not only provide reliable power sources but also catalyze economic development and improve the overall quality of life in these communities.
The $2.25 million investment by All On in Baobab+ Nigeria marks a significant milestone in the pursuit of sustainable energy solutions for Nigeria. This collaboration is set to bring light, empowerment, and environmental sustainability to communities that have long been underserved in the energy sector. It stands as a testament to the transformative power of impactful partnerships in shaping a brighter and more sustainable future for all Nigerians.