Fenix has announced that it has entered into an agreement to be acquired by energy giant ENGIE. The transaction marks the combination of a dynamic and innovative business with the heft and financial strength of a large multinational corporation. Fenix will be the first PayGo Solar Home System company to join a worldwide energy leader, allowing it to achieve its vision much more quickly than would be possible as a stand alone business. In addition to capital, ENGIE will bring over 50 years of global energy experience, supply chain power to bring down costs, government relationships, R&D resources, and access to talent that will help Fenix scale into new markets much faster.
The intention of the partnership is that Fenix will remain a distinct company and will form the consumer leg of ENGIE’s ambitious plans for developing an off-grid energy business across Africa. ENGIE is firmly committed to a decentralised, decarbonised and digital energy future. The transaction is a sign that this new business model has reached a stage of maturity that will see it attracting more capital and serving more of the 600 million people in Africa who do not have access to the grid. The transaction is subject to certain conditions, including regulatory approvals, and is expected to close in early 2018. Fenix was advised by Enclude on this transaction. See the full press release here.