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Engie Agrees to Buy Solar-Power Firm Fenix to Expand in Africa

  • Hundreds of millions of dollars to be used for expansion plans
  • Nigeria is being evaluated as next new market alongside MTN
Acciona SA To Ramp Up South Africa Business After Solar Success
Photographer: Waldo Swiegers/Bloomberg
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Engie SA agreed to buy U.S. energy-technology start-up Fenix International to help fund the roll out of solar-power systems for Africans with no access to the electricity grid. 

The French utility will provide capital and help raise debt to expand the electricity service into at least 10 African countries over the next five years, Fenix Chief Executive Officer Lyndsay Handler said in a phone interview. Courbevoie-based Engie decided on the all-cash acquisition after initially considering a smaller investment, she said, declining to provide the terms of the deal.