Fenix International that sells home solar kits financed through regular payments via mobile phone primarily in Uganda, has been piloting a programme with Kenya’s Equity Bank in the Rift Valley with plans to scale up by year end.
Under the pilot Kenyans wishing to buy the system — comprising four LED lights and a radio at about Sh15,399 — got financing through Equitel via a loan dubbed Ecomoto. The loan periods ran from two to 12 months.
American solar home systems and lanterns supplier Fenix International that was set to partner with Equity Bank #ticker:EQTY has suspended investment plan for Kenya as it awaits clarity on the political front.
The move comes barely a week after it was taken over by French giant ENGIE.
The Francisco-based start-up that sells home solar kits financed through regular payments via mobile phone primarily in Uganda, has been piloting a programme with Kenya’s Equity Bank in the Rift Valley with plans to scale up by year end.
Fenix sales and marketing director East Africa Chris Bagnall had earlier said an assessment of the pilot would be concluded in August with potential scaling up. But in an update, Mr Bagnall said any final investment decisions will now wait until political uncertainty clears.
“Currently our Kenyan expansion remains at assessment stage whilst we monitor the economy in light of recent electoral developments,” Mr Bagnall said in an interview.
Under the pilot Kenyans wishing to buy the system — comprising four LED lights and a radio at about Sh15,399 — got financing through Equitel via a loan dubbed Ecomoto. The loan periods ran from two to 12 months.
Fenix was last week wholly acquired by the French energy giant ENGIE to expand in sub-Saharan Africa by providing power to millions of people who have no access to electricity.
ENGIE Africa chief executive Bruno Bensasson said the French firm will help Fenix to expand in about 10 Sub-Saharan Africa countries, including Zambia, Kenya, Ivory Coast, Senegal and Ethiopia. “Our ambition is to cover millions of clients,” said Mr Bensasson.
Mr Bagnall said the deal whose financial worth was not disclosed would enable the firm to boost its regional presence.
“Operations will remain as strong as ever including our expansion plans but Fenix will now have access to ENGIE’s full resources, from capital to talent to a wealth of energy experience in Africa,” he said.
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