advertisement
BioLite Acquires Majority Stake In Baobab+
Baobab Group has sold its majority stake in Baobab+ to renewable energy firm BioLite, in a move that sharpens Baobab’s financial services focus and boosts Baobab+’s off-grid solar expansion across Africa.
Baobab+, which operates in Senegal, Côte d’Ivoire, Nigeria, and Madagascar, has provided solar energy solutions to over 425,000 households, impacting more than 2.5 million lives. The company has also enabled digital inclusion through pay-as-you-go smartphone and device distribution to over 263,000 customers.
The transaction deepens a six-year strategic relationship between Baobab+ and BioLite, the former’s main supplier of off-grid solar products. BioLite’s acquisition aims to vertically integrate operations, boost innovation, and enhance operational efficiencies across Baobab+’s markets.
advertisement
Kolawole Osinowo, who previously led Baobab+ Nigeria, has been appointed Group CEO by new shareholders BioLite and Norfund. Osinowo brings a proven track record in solar PAYGO models and will spearhead the company’s expansion and innovation efforts.
Baobab Group CEO Philip Sigwart said the divestment reflects a strategic realignment. “Baobab+ has grown into a high-impact business. We are proud of its achievements and believe the transition allows both organizations to focus on their core missions,” he said.
BioLite CEO Jonathan Cedar emphasized the deal’s potential to deliver impact at scale. “This partnership enables tighter operational alignment and greater financial stability. Together, we will lower costs, scale services, and grow the renewable energy footprint,” he said.
advertisement
Norfund, a key investor in Africa’s distributed energy sector and long-time partner of Baobab+, will remain a significant minority shareholder. “This transition represents a strategic leap forward, supporting sustainable growth through consolidation and backward integration,” noted Birgit Edlefsen, Senior Vice President at Norfund.
The divestiture was supported by Enexus Finance (M&A advisory), Gide Loyrette Nouel (legal), and PwC (tax due diligence).
As Baobab+ nears its 10th anniversary, the new ownership marks a turning point in the company’s evolution—from a pioneering off-grid startup to a continent-wide platform for clean energy access and digital inclusion.