Baobab Group has announced the successful completion of the sale of its majority stake in Baobab+ to BioLite, a US-headquartered social enterprise focused on renewable energy solutions.
In a statement issued on Sunday, the group said the divestment would allow Baobab+ to leverage BioLite’s technological expertise and operational strengths, accelerating its innovation and growth across Africa.
The deal also enables Baobab Group to refocus on its core business of providing financial services to small businesses and underserved communities.
Baobab+ operates in Senegal, Côte d’Ivoire, Nigeria and Madagascar, where it provides off-grid renewable energy solutions. As it approaches its 10th anniversary, the company has supplied over 425,000 households with solar energy, impacting more than 2.5 million people.
It has also promoted digital inclusion by equipping over 263,000 customers with smartphones and other devices through pay-as-you-go financing.
BioLite, which has been a partner and primary supplier to Baobab+ for the past six years, said the acquisition marks a major step towards deepening its footprint in Africa.
With the transaction, BioLite and Norfund, a significant minority investor, have appointed Kolawole Osinowo as the new chief executive officer of the Baobab+ Group. Osinowo previously led Baobab+ Nigeria as a Solar PAYGO Centre of Excellence since 2021.
Chief executive officer of Baobab Group, Philip Sigwart, said the sale aligns with the company’s strategic vision.
“We are proud to have supported Baobab+’s impressive journey over the past decade. This divestment enables Baobab+ to enter its next growth phase while allowing us to concentrate fully on our mission of delivering financial services to underserved communities,” Sigwart said.
In his remarks, Osinowo expressed optimism about the future of Baobab+ under its new ownership.
“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,” he said.
Also, the CEO of BioLite, Jonathan Cedar, described the acquisition as a natural next step in the company’s long standing partnership.
“We believe this transaction will strengthen Baobab+ and enhance its performance in the medium and long term. Our carbon finance platform will also lower consumer prices while maintaining healthy margins,” he stated.
The deal saw Enexus Finance serve as the M&A advisor to Baobab Group, with Gide Loyrette Nouel acting as legal advisor and PwC as the provider of tax due diligence.
The PUNCH reported that Baobab Nigeria, a microfinance bank, said it has disbursed close to N500bn in loans to micro, small, and medium-sized enterprises, reinforcing its commitment to financial inclusion and business growth in Nigeria.
