Small logo Subscribe to leading news on impact investing. Learn More
The Brief Originals Dealflow Signals The Impact Alpha Impact Voices Podcasts Agents of Impact Open
What's Next Capital on the Frontier Measure Better Investing in Racial Equity Beyond Trade-offs Impact en las Americas New Revivalists
Local and Inclusive Climate Finance Catalytic Capital Frontier Finance Best Practices Geographies
Slack Agent of Impact Calls Events Contribute
The Archive ImpactSpace The Accelerator Selection Tool Network Map
About Us FAQ Calendar Pricing and Payment Policy Privacy Policy Terms of Service Agreement Contact Us
Locavesting Entrepreneurship Gender Smart Return on Inclusion Good Jobs Creative economy Opportunity Zones Investing in place Housing New Schooled Well Being People on the Move Faith and investing Inclusive Fintech
Clean Energy Farmer Finance Soil Wealth Conservation Finance Financing Fish
Innovative Finance
Personal Finance Impact Management
Africa Asia Europe Latin America Middle East Oceania/Australia China Canada India United Kingdom United States
Subscribe
Features
Series
Themes
Community
Data
Subscribe Log In
More

Fenix acquired by Engie SA to accelerate off-grid solar in Africa



The San Francisco-based maker of small pay-as-you-go solar systems will anchor the French utility company’s efforts to grow in Africa.

Engie will provide capital and help raise financing to expand Fenix’s services into at least 10 African countries over five years, Fenix CEO Lyndsay Handler told Bloomberg.

Pay-as-you-go solar products have exploded across Africa in recent years, as costs have fallen and mobile payments and other innovations in finance have opened credit for unbanked and underbanked customers.

“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,” said Laurie Spengler of Enclude, which advised Fenix on the deal.

Founded in 2009, Fenix in January reported that it doubled its customer base to 100,000 from 50,000 the previous year.

Engie, then called GDF Suez, was part of Fenix’s 2015 raise of $12.6 million, which also included Schneider Electric, Orange France Telecom, clean tech entrepreneurs Tom Dinwoodie and Warner Philips and other investors.

You might also like...