The French West African solar distributor, Baobab+, announced that it raised EUR 4 Mn (USD 4.7 Mn) from two investors. The Energy Entrepreneurs Growth Fund, managed by Triple Jump and Facility for Energy Inclusion Off-Grid Energy Access Fund (FEI-OGEF), managed by LHGP Asset Management, invested EUR 2m Mn each, bringing the total to EUR 4 Mn.
Baobab+ is a social enterprise that promotes socio-economic growth in a number of African rural areas by providing access to energy and digital facilities and programs. It has an established presence in Mali, Madagascar, Senegal, Côte d’Ivoire and currently being set up in Nigeria and the Democratic Republic of Congo. The funds will go into supporting its growth and expansion in Senegal and Côte d’Ivoire.