French multinational energy conglomerate Engie announced that it has reached an agreement to acquire 100 percent of Fenix International, a next generation energy company that offers solar home systems (SHS) in Africa. The acquisition will help Engie accelerate its development in Africa’s off-grid energy market.
Fenix recently expanded into Zambia and plans to continue rolling out its products in other countries across Africa. Fenix will be the first solar home systems company to join Engie.
“We believe that combining the strengths of Engie, a global energy player, and Fenix, a successful company with very strong customer focus, high-quality products, and an experienced team anchored in the heart of Sub-Saharan Africa, will enable faster deployment of solar to the large African population still lacking access to electricity. Fenix will be the agile growth engine for Engie’s solar home systems business in Africa and enable us to become a leading profitable off-grid energy services company on the continent, reaching millions of customers by 2020. We do believe that universal access is now reachable in the foreseeable future by the combination of national grids extension, local micro-grids, and solar home systems, depending on the local characteristics of the energy demand,” said Bruno Bensasson, chief executive officer of Engie Africa.
Lyndsay Handler, chief executive officer of Fenix International, added that: “Fenix and Engie share the belief that universal access to energy is possible and paramount. To date, Fenix has delivered reliable solar power to over 900,000 people in East Africa. By joining forces with Engie – one of the world’s largest independent utility companies with a firm commitment to a decentralized, decarbonized and digital energy revolution – we will greatly accelerate the path to our vision.”
More than 600 million people lack access to modern energy in Africa.
Image Credits: By Engie [Public domain], via Wikimedia Commons
Wendy is a co-founder of Mercom Capital Group, the parent company of Mercom India. Wendy is a contributing editor at MercomIndia.com and is responsible for content quality across the company and products. She has over 15 years of business and finance experience in the energy and technology markets. In addition to Mercom, Wendy has written for many other clean energy-focused blogs and publications. More articles from Wendy Prabhu.