Baobab Group has finalized the sale of its majority ownership in Baobab+, an off-grid solar and digital services provider, to renewable energy company BioLite. The move enables Baobab Group to concentrate on its core financial services operations, while supporting Baobab+’s continued expansion across African markets.
Baobab+ currently operates in Senegal, Côte d’Ivoire, Nigeria, and Madagascar, delivering solar energy solutions to more than 425,000 homes and positively impacting over 2.5 million people. In addition to clean energy, the company has advanced digital inclusion by providing over 263,000 customers with access to smartphones and digital devices through a pay-as-you-go model.
This acquisition builds on a six-year strategic relationship between Baobab+ and BioLite, which has been the primary supplier of solar products to Baobab+. With the acquisition, BioLite aims to streamline operations, strengthen its supply chain, and accelerate innovation across Baobab+’s markets.
Strategic shift
Kolawole Osinowo, formerly the head of Baobab+ in Nigeria, has been appointed as the Group CEO under the new ownership. Osinowo brings extensive experience in pay-as-you-go solar services and is expected to lead the company’s next phase of growth and technological advancement.
Commenting on the transition, Baobab Group CEO Philip Sigwart described the sale as a strategic shift, enabling both Baobab Group and Baobab+ to sharpen their respective missions. BioLite CEO Jonathan Cedar emphasized the benefits of closer operational alignment and improved financial resilience to drive broader impact.
Long-time partner and investor Norfund will maintain a significant minority stake in Baobab+, underscoring its ongoing commitment to Africa’s decentralized energy sector. Norfund’s Senior Vice President Birgit Edlefsen highlighted the deal as a step toward sustainable growth through greater integration and efficiency.
The transaction was facilitated by Enexus Finance (M&A advisory), with legal and tax support provided by Gide Loyrette Nouel and PwC, respectively. Approaching its 10-year milestone, Baobab+ enters a new era, evolving from an innovative startup to a key platform for clean energy and digital inclusion across the African continent.