Engie to acquire home solar company Fenix International

French multinational Engie has made headlines with its full acquisition of solar home system provider Fenix International, marking a significant milestone in the energy sector. The deal not only solidifies Fenix's position in the market but also establishes it as the first solar home system company to join forces with a major global energy player. Lyndsay Handler, CEO of Fenix International, recently joined CNBC Africa to discuss the acquisition and shed light on the exciting developments that lie ahead. The acquisition will see Engie making a substantial investment in Fenix, allowing the latter to maintain its autonomy while expanding its reach across Africa. Fenix, known for its innovative ready-pay solar solutions in countries like Uganda and Zambia, is poised to enter 10 new markets in the coming years. This strategic partnership promises to bring the expertise of a leading energy powerhouse like Engie together with the agility and innovation of a startup based in East Africa. For Fenix, the collaboration opens up a world of opportunities to tap into Engie's vast experience in renewable energy and leverage its resources for the benefit of customers. With Engie's commitment to providing sustainable energy solutions to 20 million people worldwide by 2020, Fenix stands to gain invaluable insights and support in its mission to revolutionize energy access in Africa. The concept of decentralized energy lies at the heart of Fenix's vision for the future. By offering solar home systems that operate independently of national grids, the company aims to deliver cleaner, more affordable energy solutions to customers across the continent. Handler believes that Africa has the potential to leapfrog traditional energy infrastructure and embrace a more sustainable, digital energy landscape through decentralized innovations like ReadyPay Solar. One key aspect of Fenix's operations is its unique approach to building credit scores for customers through solar financing. This model not only empowers consumers to access energy-efficient appliances and services but also sets the stage for international partnerships like the one with Engie. By harnessing data science and forging alliances with financial institutions, Fenix is poised to scale its operations and extend its impact beyond borders. The partnership between Fenix and telecommunications giant MTN has been a significant driver of clean energy access in Zambia, with plans to expand to other African markets. Handler emphasizes the flexibility of collaborating with telcos like MTN while remaining open to establishing independent distribution channels where necessary. The focus remains on reaching underserved communities and providing comprehensive support in areas such as marketing and customer service. A key goal for Fenix and Engie is to drive down energy costs and make clean power more accessible to all. The current price point of 18 cents a day for Fenix's solar solutions is set to decrease significantly with the aim of reaching 10 cents a day, catering to the needs of over 50% of the African market. The introduction of micro-instalments and mobile payment options will enable customers to own their systems and enjoy affordable, renewable energy in the long run. As Fenix gears up to meet its target of reaching 20 million people, the company remains committed to putting the customer first and continuously enhancing its offerings. Future strategies will focus on incentivizing customers, expanding sales initiatives, and further lowering costs to make solar power a viable option for the masses. With Engie as the sole investor in Fenix, the spotlight is on driving business growth and solidifying the company's position as a technology and energy leader in Uganda and beyond. The partnership with Engie also signals a growing trend towards commercial investments in the energy sector, paving the way for future collaborations and innovations. In light of evolving renewable energy policies across various economies, Fenix and Engie are poised to work closely with governments to navigate regulatory frameworks and drive industry-wide progress. Their shared goal is to unlock the full potential of the solar home systems market and accelerate the transition towards sustainable energy solutions. As the energy landscape in Africa undergoes a transformation, the partnership between Engie and Fenix International holds the promise of a brighter, cleaner future for millions across the continent.