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Izili secures $5 million convertible bond financing and acquires Qotto
Off-grid solar distributor Izili has secured $5 million in convertible bond financing and bought Qotto, taking it to six African countries, Ecofin Agency reported.
By Propel Africa · 2026-01-23
Izili has secured $5 million in convertible bond financing from the Off-Grid Energy Access Fund (FEI-OGEF) and has acquired off-grid solar company Qotto, Ecofin Agency reported on 23 January. Izili announced the deal the day before.
The financing and acquisition
The bonds support Izili's growth strategy and reinforce its financial structure. Qotto specialises in off-grid solar and operates in Benin and Burkina Faso. The purchase takes Izili to six African countries, and the group has also strengthened operations in Senegal, Côte d'Ivoire, Madagascar and Nigeria. CEO Kolawole Osinowo said: "Qotto's acquisition represents a significant moment in Izili's evolution."
What Izili does
Izili is a last-mile distributor of solar and digital solutions, focused on rural and off-grid electricity access. Baobab+ adopted the Izili name in September 2025, and BioLite acquired a majority stake in the company in April 2025.
Targets
The group expects to distribute more than 170,000 solar solutions and over 120,000 digital products by 2028.
At a glance
- Company: Izili
- Raised: $5 million
- Type: Convertible bond financing
- Investor: Off-Grid Energy Access Fund (FEI-OGEF)
- Acquisition: Qotto (Benin, Burkina Faso)
- Markets: Six African countries
- CEO: Kolawole Osinowo
- Key number: 170,000 solar solutions targeted by 2028