ENGIE Completes Fenix’s Acquisition to Bring Affordable Power to Africa

Through this partnership, Fenix will gain access to ENGIE’s supply chain, expertise, long-term capital investments and talent across the energy value chain.

ENGIE

Global utility company ENGIE has completed the acquisition of the off-grid energy leader Fenix International.

ENGIE and Fenix have ambitious targets to reach millions of households across Africa and this partnership will accelerate and expand Fenix’s ability to scale off-grid energy and financial services.

Through this partnership, Fenix will gain access to ENGIE’s supply chain, expertise, long-term capital investments and talent across the energy value chain.

Commenting on the acquisition, ENGIE Africa, CEO, Bruno Bensasson 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.”

On acquisition, Lyndsay Handler, CEO, Fenix International said, “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,”

Fenix’s flagship product, ReadyPay Power, is one of the most affordable solar home systems on the off-grid market.

Customers pay as little as $0.19 per day to access power for lighting, phone charging, and products such as TVs and radios. After 24-36 months of payments, customers own the solar home system outright.

Based on the credit score customers establish while paying off their power systems, they are able to purchase upgrades to their energy system, energy-efficient appliances, or other life-changing financial products.

ReadyPay Power, by providing off-grid families with clean, affordable energy and a safer home environment, is a natural fit with ENGIE’s goal to provide decarbonised, decentralised energy using the latest digital technologies.

Manu Tayal

Manu Tayal

Manu is an Associate Editor at Saur Energy International where she writes and edits clean & green energy news, featured articles and interview industry veterans with a special focus on solar, wind and financial segments.

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