French energy group ENGIE has acquired 100% of Fenix International, a next generation solar home systems well known for its ReadyPay Power system which provides lighting, phone charging and power for TVs and radios in Uganda and Zambia.
Fenix International’s ReadyPay Power is offered on a lease-to-own basis so that off-grid customers can finance their power system through micro instalments over mobile money. Fenix uses the financing of the solar home system to build a credit score for each customer which can then be used to power and finance other life-changing products and services from Fenix.
Founded in 2009, Fenix employs over 350 people and has its main activities in Uganda where it is the leading SHS player with more than 140,000 customers. Fenix recently expanded into Zambia and plans further roll-outs in other countries across Africa.
Fenix will be the first SHS Company to join a major worldwide energy company, which puts the fight against climate change and energy access at the very center of its purpose.
Bruno Bensasson, CEO of ENGIE Africa: “We believe that combining the strengths of ENGIE, a global energy player and Fenix, a successful company with very strong customer focus, high-quality products and an experienced team anchored in the heart of Sub-Saharan Africa, will enable faster deployment of SHS to the large African population still lacking access to electricity. ”
The acquisition will see Fenix fuel the firm’s SHS business in Africa and enable it to become a leading profitable off-grid energy services company on the continent, reaching millions of customers by 2020. The firm will launch national grids extension, local micro-grids and solar home systems, depending on the local characteristics of the energy demand across Africa.
To date, Fenix has delivered reliable solar power to over 900,000 people in East Africa. By joining forces with ENGIE – one of the world’s largest independent utility companies with a firm commitment to a decentralized, decarbonized and digital energy revolution, it will greatly accelerate the path to its vision.
Lyndsay Handler, CEO of Fenix International said, “Our values and our team will remain at the core of Fenix. We will continue to relentlessly pursue an exceptional customer experience in all we do and we will invest even more in building a great team with a strong culture. Together with ENGIE’s ambitions, experience, talent and long-term investments, we will deliver affordable power and other life-changing products to customers across Africa and make universal access to modern energy a reality.”
