All On, a prominent Nigerian impact investment company, has finalized a $2.25 million credit facility investment through its Demand Aggregation for Renewable Technology (DART) programme. The strategic partnership aims to enhance solar energy investments in Nigeria and has been formalized with Baobab Plus Nigeria, a provider of innovative energy and digital solutions.
The agreement with Baobab Plus Nigeria involves the deployment of 1,536 Solar Energy Systems (SES) ranging from 600W to 3KW through the company’s Distribution Channels nationwide. This collaboration leverages Baobab+ Nigeria’s Pay-as-you-Go (PAYGO) Agent Network in 21 locations across South West, North Central, and North West Nigeria, targeting the goal of deploying the specified SES units.
In addition to deploying the SES units, Baobab+ will extend its PayGo Agent Network into new locations and capitalize on existing collaborations with financial institutions across the country. The expansion aims to facilitate greater access to affordable, reliable solar energy products for Small and Medium-sized Enterprises (SMEs) and individuals.
This initiative marks a significant step toward a sustainable energy future in Nigeria, providing illumination for underserved and unserved homes and communities. The collaboration between Baobab+ Nigeria and All On DART’s programme not only empowers communities but also contributes to environmental preservation.
The PayGo distribution channel will play a crucial role in financing and distributing standalone Solar Energy Systems to rural off-grid and underserved communities through agent network systems, facilitating last-mile distribution.
The flexible payment options offered to consumers, supported by DART’s attractive financing options, aim to eliminate major price barriers and make solar products accessible to individuals with lower incomes, adapting to their spending habits. Baobab+ is committed to providing premium after-sales services, ensuring an optimal customer experience.
Caroline Eboumbou, CEO of All On, expressed the company’s commitment to increasing access to energy products and services for underserved communities in Nigeria. “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,” she emphasized.
Kolawole Osinowo, CEO of Baobab+ Nigeria, described the partnership as an innovative model that allows for the expansion of their reach and the empowerment of SMEs and communities to transition seamlessly to renewable energy. He highlighted the importance of providing affordable solar systems, delivering cost savings, improving living conditions, and safeguarding the environment for future generations.
The DART programme, seeded by investments from GEAPP and All On, combines demand pooling, aggregated procurement of solar equipment, and access to affordable finance. This approach aims 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.