“With the acquisition of Mobisol, ENGIE expands its access to a market of millions who are not connected to the grid and establishes itself as the market leader on the continent,” said Isabelle Kocher, ENGIE CEO.
“With ENGIE Power Corner, Fenix, and now Mobisol, we will pave the way for a new generation of affordable energy services, in line with our strategy focused on the acceleration of the zero-carbon transition,” Kocher added.
ENGIE sees the acquisition not only as a move to change people’s lives with clean energy but a trigger economic activities for households and entrepreneurs who generate additional income once they are connected.
In October 2017, ENGIE acquired solar home system company Fenix International which was already present in six countries in Africa. The addition of Mobisol’s focus on productive use products, combined with Fenix’s inclusive home solar power systems, will enable ENGIE to offer an unparalleled range of affordable energy products as well as extending its customer base from rural to urban areas.
The deal awaits approvals of the relevant regulatory bodies in various countries Mobisol operates.
This acquisition also gives ENGIE an edge on solar energy in Africa. With its subsidiary Fenix International, it provides access to energy and financial services via its solar home systems to over 500,000 customers, improving the quality of life for over 2.5 million people in Uganda, Zambia, Nigeria, Benin, Cote d’Ivoire and Mozambique.
Additionally, with ENGIE PowerCorner, it supplies affordable electricity to rural populations through smart mini-grids powered by solar energy and battery storage. PowerCorner offers 24/7 energy services to households, local businesses and public services in villages across Tanzania and Zambia. All of these services are enabled by digital financial solutions such as mobile money and Pay As You Go technologies.
Currently more than 600 million people have no access to electricity in Africa and by 2030 the continent is expected to be home to 80 percent of the world’s off-grid population, according to the International Energy Agency.
Mobisol GmbH filed for self-administered insolvency to allow it to restructure and raise new funding. It was placed under Dr. Stefan Weniger, an experienced restructuring expert of Restrukturierungspartner KG, a Managing Director.
Mobisol had already supplied more than 600,000 people in many remote parts of the world with renewable electricity, even though commercial distribution only started in 2013.
The provisional insolvency proceedings relate only to Mobisol GmbH, hence subsidiaries are not affected by the insolvency of the GmbH. Mobisol is going to continue serving its customers and partners to their complete satisfaction without any interruption.