Baobab+ Côte d’Ivoire Gets US$1.3 Million Off-grid Solar Loan
The firm aims to connect 20,000 households in three years.
Baobab+ Côte d’Ivoire has secured a working capital loan of €1.2 million (US$1.3 million) which it plans to use to deliver off-grid solar systems to 20,000 households in the West African country over the next three years.
The loan was provided by the Dutch social impact investor Oikocredit.
⚡Oikocredit is pleased to announce new funding of € 1.2 million to Baobab+ Cote d’Ivoire, expanding access to renewable energy and digital products for thousands of homes in Africa— Oikocredit Intl (@Oikocredit) July 27, 2023
👉https://t.co/R5aZW5UcPh#impactinvestment #solar #renewablenergy pic.twitter.com/B7Ho3bg6E8
The loan follows on from a €750,000 financing disbursed in 2020 that matured in February 2023.
“Thanks to this renewed partnership, we plan on reaching 20,000 additional underserved households in the next three years,” said Pauline Salançon, CEO of Baobab+ Côte d’Ivoire.
Baobab+ Côte d’Ivoire is a subsidiary of Baobab+, a social enterprise launched in 2015 by France's Baobab Group and which operates in six African countries, providing rural households with pay-as-you-go off-grid solar systems.
Photo: Contract signing ceremony (© Oikocredit)