All On, a prominent Nigerian impact investment firm, has entered into a $2.25 million credit facility agreement with Baobab Plus Nigeria, a leading provider of cutting-edge energy and digital solutions.
The investment aims to deploy 1,536 solar energy systems ranging from 600W to 3KW through Baobab Plus Nigeria’s extensive distribution channels across the country.
In a released statement, All On highlighted that the collaboration intends to leverage Baobab+ Nigeria’s existing Pay-as-you-Go Agent Network in 21 locations across Southwest, North Central, and Northwest to implement the deployment of 1,536 SES.
The statement emphasized that with this financial injection, Baobab+ will not only extend its PayGo Agent Network to new locations but also capitalize on its partnerships with financial institutions nationwide.
“This deployment signifies a crucial step towards a sustainable energy future in Nigeria, providing affordable and reliable solar energy products for SMEs and individuals.
Baobab+ Nigeria and All On DART’s program are not just bringing illumination to homes and communities but also empowering and safeguarding the environment,” the statement read.
Furthermore, it outlined that the PayGo distribution channel would play a pivotal role in financing and distributing stand-alone solar energy systems to rural off-grid and underserved communities through agent network systems, facilitating last-mile distribution.
The firm highlighted that the flexible payment options offered to consumers, coupled with DART’s attractive financing plans, address the major price barrier, making products accessible to those with lower incomes by aligning with their spending habits.
Caroline Eboumbou, the CEO of All On, stated, “All On is dedicated to increasing access to energy products and services for underserved and unserved communities in Nigeria.
This collaboration with Baobab+ underscores our commitment to supporting Nigeria’s sustainable development and creating a brighter future for all Nigerians.”
Kolawole Osinowo, CEO of Baobab+ Nigeria, expressed enthusiasm about the innovative partnership, describing the investment as a unique financing model enabling them to expand their reach and empower SMEs and communities nationwide to seamlessly transition to renewable energy.
Baobab+ emphasized its mission to deliver affordable solar systems, resulting in cost savings, improved living conditions, and environmental preservation for future generations, acknowledging All On’s invaluable support in making a significant impact on countless lives.
