Baobab+, a French leader in the distribution of domestic solar systems and digital equipment in West Africa and Madagascar raised €10 million equity with Norfund, a Norwegian public fund dedicated to sustainable development and support toward developing countries.
Launched in 2015 by the Baobab Group, Baobab+ operates in six African countries to support households and micro-entrepreneurs in their energy autonomy through the distribution of solar kits, with 220 households already equipped particularly in rural areas. Baobab+ also offers digital devices for educational and professional purposes with more than 90 000 households.
This capital raise will enable Baobab+ to strengthen its presence in historical countries but also to expand its activities to Nigeria and the Democratic Republic of Congo. Thus, Baobab+ aims to equip one million households with solar and digital products within 5 years.
This transaction, combining a spin-off and capital raise, illustrates AltRaise’s know-how in supporting growth companies to finance their expansion and accessing Tier One Investors in their markets. It also further establishes AltRaise as a leading financial advisor to the energy access sector and our continued commitment to enabling impact at scale.