France’s Engie buys Fenix to help bring solar-power systems to Africa
Engie SA agreed to buy US energy-technology start-up Fenix International, to help fund the roll-out of solar-power systems for Africans with no access to the electricity grid. The French utility will provide capital and help raise debt to expand the electricity service into at least 10 African countries over the next five years, Fenix CEO Lyndsay Handler said in an interview. Engie decided on the all-cash acquisition after initially considering a smaller investment, she said, declining to provide the terms of the deal. "In order to achieve our goals we need hundreds of millions of dollars in equity and debt, and Engie is committed to provide what is needed," the CEO said. "This is not about a big acquisition, it’s about reaching the over 600-million Africans who lack access to electricity." Fenix is evaluating whether to enter Nigeria alongside wireless carrier MTN, an early investor. MTN helps Fenix target consumers that use its cellphone banking app, who are usually lower-income c...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.