Engie SA (ENGI.FR) said Thursday that it will acquire Fenix International, a supplier of domestic solar power systems in Africa.
Fenix International's solar home systems produce electricity for off-grid households, Engie said. The company's main focus is on Uganda, where it has 140,000 customers, but it has recently expanded into Zambia and plans to reach other countries, Engie said.
"Fenix will be the agile growth engine for Engie's solar home systems 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," Bruno Bensasson, chief executive of Engie Africa, said.
The investment forms part of Engie's aim of providing 20 million people with access to decentralized energy by 2020, the French company said.
The value of the transaction was not disclosed and the deal is subject to approval by the relevant regulatory bodies, Engie added.
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(END) Dow Jones Newswires
October 19, 2017 09:16 ET (13:16 GMT)