Engie Africa and off-grid energy company Fenix International have closed their acquisition agreement, a move that aims to provide safe and affordable energy to millions of households across Africa
Under the terms of the agreement, Engie will provide the support, expertise and opportunities the Fenix team needs to innovate in these areas and rapidly scale the business.
Speaking to the press, 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.”
“We believe this is a major step along the path to universal energy access. 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 major part of the energy mix for Africa’s future in combination with grid extension and micro-grids,” Bensasson added.
More than 600mn people across Africa lack access to energy, said Lyndsay Handler, CEO of Fenix International. With theis collaboration, the company aims to bring affordable energy and other products to the people of Africa living off-grid.
Fenix’s flagship product, ReadyPay Power, is one of the most affordable solar home systems on the off-grid market. ReadyPay Power, by providing off-grid families with clean energy and a safer home environment, aims to provide decarbonised, decentralised energy using the latest digital technologies.
