French utility Engie SA has agreed to acquire off-grid solar solutions provider Mobisol, in a deal that expands its home solar offering to three more countries in Africa. Financial terms of the transaction were not disclosed.
Mobisol has operations in Tanzania, Rwanda and Kenya, while Engie is already present in Uganda, Zambia, Nigeria, Benin, Cote d'Ivoire and Mozambique through its subsidiary Fenix International.
"With the acquisition of Mobisol, Engie expands its access to a market of millions who are not connected to the grid and establishes itself as the market leader on the continent," said Engie CEO Isabelle Kocher in a Sept. 3 statement.
Deal closing is expected to happen once the companies secure all regulatory approvals.
