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Global utility company ENGIE and off-grid energy leader Fenix International have completed their acquisition agreement.

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

Lyndsay Handler, CEO of Fenix International, highlighted that realising this ambitious vision will require significant commercial investment and innovation in product, last-mile distribution, inclusive financing and customer experience. Read more: Off-grid cold storage tech competition now open

Commenting on the development, 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.”

Bensasson added: “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 key part of the energy mix for Africa’s future in combination with grid extension and micro-grids.”

Bringing affordable energy

Handler 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.

“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.”

African Utility Week