Engie and Fenix are aiming to reach millions of households across Africa. The partnership is expected to accelerate and expand Fenix’s ability to scale its off-grid energy and financial services. The company will gain access to Engie’s supply chain, expertise, long-term capital investments and talent. Fenix headquarters and key offices are located in Africa, close to its customers and operations.
The company’s flagship product is ReadyPay Power, which Fenix claims is one of the most affordable solar home systems on the off-grid market. Customers pay $0.19 per day for access to lighting, phone-charging and to power products such as TVs and radios. After 24-36 months of payments, customers own the solar home system outright. Based on the credit score customers establish while paying off their power systems, they are able to purchase upgrades to their energy system, energy-efficient appliances, or other life-changing financial products.
“Closing this acquisition gives us the go-ahead to accelerate access to energy through Fenix’s strong solar home system model” said Bruno Bensasson, CEO of Engie Africa. “Until now, availability of capital has been a major hurdle in the solar home system business, a constraint that we are now helping to remove. We believe this is a major step along the path to universal energy access. The dramatically falling price of solar panels and batteries, combined with the inclusive “pay-as-you-go” financing platform created by Fenix, make solar home systems a key part of the energy mix for Africa’s future in combination with grid extension and micro-grids.”
Lyndsay Handler, CEO of Fenix International, added that joining forces with Engie will enable the company to bring affordable energy and other life-changing products to millions of people living off-grid. However, the vision will require significant commercial investment and innovation in product, last-mile distribution, inclusive financing and customer experience. Under this agreement, Engie will provide the support, expertise and opportunities Fenix needs in order to innovate in these areas and rapidly scale the business.
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