Global utility company ENGIE and off-grid energy company Fenix International have closed their acquisition agreement today.
With this agreement, ENGIE and Fenix aim to accelerate and expand Fenix’s ability to scale off-grid energy and financial services across Africa.
Fenix will gain access to ENGIE’s supply chain, expertise, long-term capital investments and talent across the energy value chain.
Bruno Bensasson, CEO of ENGIE Africa, said, “Closing this acquisition gives us the go-ahead to accelerate access to energy through Fenix’s strong solar home system model. Until now, availability of capital has been a major hurdle in the solar home system business, a constraint that we are now helping to remove.”
“The dramatically falling price of solar panels and batteries, combined with the inclusive “pay-as-you-go” financing platform created by Fenix, make solar home systems a key part of the energy mix for Africa’s future in combination with grid extension and micro-grids,” Bensasson added.
Lyndsay Handler, CEO of Fenix International, said, “It’s unacceptable that over 600 million people across Africa lack access to energy. By joining forces with ENGIE, we aim to bring affordable energy and other life-changing products to millions of people living off-grid.
“Realizing this ambitious vision will require significant commercial investment and innovation in product, last-mile distribution, inclusive financing and customer experience. With this agreement, ENGIE will provide the support, expertise and opportunities the Fenix team needs to innovate in these areas and rapidly scale the business,” Handler added.