Home / Businesswire / ENGIE Accelerates Its Development in the Off-Grid Energy Market by Joining Forces with Fenix, a Pioneer in Africa’s Solar Home System Market

ENGIE Accelerates Its Development in the Off-Grid Energy Market by Joining Forces with Fenix, a Pioneer in Africa’s Solar Home System Market

SAN FRANCISCO–(BUSINESS WIRE)–ENGIE and Fenix announce that they have agreed on a transaction in which
ENGIE will acquire1 100% of Fenix International, a next
generation energy company, offering Solar Home Systems (SHS) in Africa.
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. Fenix will be the agile growth engine for
ENGIE’s SHS business in Africa and enable us to become a leading
profitable off-grid energy services company on the continent, reaching
millions of customers by 2020. We do believe that universal access is
now reachable in a foreseeable future by the combination of national
grids extension, local micro-grids and solar home systems, depending on
the local characteristics of the energy demand.”

Lyndsay Handler, CEO of Fenix International: “Fenix and ENGIE share
the belief that universal access to energy is possible and paramount.
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 – we will
greatly accelerate the path to our vision.” She added, “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."

Over 600 million people lack access to modern energy in Africa. Rapid
improvement of photovoltaic, battery storage technologies and mobile
payment platforms make it possible for companies to offer affordable,
reliable and expandable solar home systems. Fenix‘s flagship product,
ReadyPay Power, provides lighting, phone charging and power for TVs and
radios. The technology 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.

This investment will contribute to ENGIE’s goal of providing 20 million
people around the world with access to decarbonized, decentralized
energy by 2020, using the latest digital technologies. Fenix’s strength
within the home solar market in Africa will play a strategic part in the
realisation of this goal, given the number of households that off-grid
solar is expected to reach over the coming years. The World Bank has
estimated that up to 99 million households, more than a third of those
that are off-grid, will rely on home solar by 2020, with the market
growing fastest in Africa.2

1 Closing of the transaction will happen once all approvals
of the relevant regulatory bodies are received.

2 The Off Grid Solar Market Trends Report 2016, The World
Bank and Bloomberg New Energy Finance (BNEF), https://data.bloomberglp.com/bnef/sites/4/2016/03/20160303_BNEF_WorldBankIFC_Off-GridSolarReport_.pdf

ENDS

About Fenix

Fenix is a next-generation, end-to-end renewable energy company that
does everything from design, manufacturing, sales, financing and
customer service. Fenix’s flagship product, ReadyPay Power, is an
expandable, lease-to-own home solar system financed through
ultra-affordable instalments over Mobile Money. We use real-time
transaction data to create a next-generation credit score to finance
power upgrades or other life-changing loans. To date, we have sold over
140,000 ReadyPay Power systems and we are growing our product portfolio
and geographic coverage to bring power and a wider world of financing to
millions of customers by 2020.

Fenix is an awardee of Scaling Off-Grid Energy: A Grand Challenge for
Development. Scaling Off-Grid Energy is a global partnership founded by
the U.S. Agency for International Development, Power Africa, the U.K.
Department for International Development’s Energy Africa campaign, and
the Shell Foundation – a UK-registered charity. The Grand Challenge for
Development aims to extend energy access to 20 million households across
sub-Saharan Africa through off-grid household solar solutions.

Fenix was advised by Enclude and Wilson Sonsini Goodrich & Rosati on
this transaction.

For more information visit www.fenixintl.com

About ENGIE AFRICA

ENGIE has been present in Africa for 50 years, where it rolls out its
electricity generation, natural gas and energy services activities for
territories, companies and households. ENGIE has centralized electricity
capacities of approximately 3,000 MW in Africa, either operational or
under construction. ENGIE is also developing decentralized electricity
production for isolated businesses and rural villages.

For more information visit www.engie-africa.com

About ENGIE

ENGIE is committed to take on the major challenges of the energy
revolution, towards a world more decarbonised, decentralised and
digitised. The Group aims at becoming the leader of this new energy
world by focusing on three key activities for the future: low carbon
generation in particular from natural gas and renewable energies, energy
infrastructures and efficient solutions adapted to all its clients’
needs (individuals, businesses, territories, etc.). The customers’
satisfaction, innovation and digital are at the heart of ENGIE’s
development. ENGIE is active in around 70 countries, employs 150,000
people worldwide and achieved revenues of €66.6 billion in 2016. The
Group is listed on the Paris and Brussels stock exchanges (ENGI) and is
represented in the main financial indices (CAC 40, BEL 20, DJ Euro Stoxx
50, Euronext 100, FTSE Eurotop 100, MSCI Europe) and non-financial
indices (DJSI World, DJSI Europe and Euronext Vigeo Eiris – World 120,
Eurozone 120, Europe 120, France 20, CAC 40 Governance).

Contacts

Press contacts:
Tel. France: +33 (0)1 44 22 24 35
Email:
[email protected]
ENGIEgroup
or
Investor
relations contact:
Tel.: +33 (0) 1 44 22 66 29
Email: [email protected]
or
Fenix
press contacts
Melissa Sidnell ([email protected])
+44
(0)20 3357 9748 / +44 (0)7756 858044
or
Maya Harruna ([email protected])
+44
(0)20 3357 9744 / +44 (0)7947 741129
[email protected]