Energy utility Engie has agreed to acquire US-headquartered solar system provider and portfolio company Fenix International for an undisclosed amount, also providing exits to industrial group Schneider Electric and telecommunications firm Orange.
Founded in 2009, Fenix provides small-scale solar energy systems to customers in developing nations that are not connected to the main electrical grid, enabling them to get the systems through a lease-to-buy scheme.
The company mainly operates in Uganda, where it serves some 140,000 customers, but is also present in Zambia and intends to expand to other African nations.
Fenix had raised $1.9m in funding across rounds in 2009 and 2012, according to AngelList, when it entered Orange’s startup accelerator, Orange Fab, in 2013.
Engie, then known as GDF Suez, joined Orange, Schneider Electric and private investors including Tom Dinwoodie and Warner Philips to provide $12.6m of series B funding for the company in early 2015.
Bruno Bensasson, CEO of Engie Africa, said: “Fenix will be the agile growth engine for Engie’s [solar home system] 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 microgrids and solar home systems, depending on the local characteristics of the energy demand.”
– Image courtesy of Fenix International