Ignite Power Global has acquired 100 per cent stake of ENGIE Energy Access, subject to regulatory approval, Octave Idrissa, Operations Director at Ignite Power Rwanda, told The New Times. Ignite Power Global is an Abu Dhabi-based leader in distributed renewable energy solutions operating across Africa, including Rwanda. ENGIE Energy Access, which acquired Mobisol in 2019, is a French energy company. The announcement of the acquisition follows a share purchase agreement that the two energy companies signed earlier this year. ALSO READ: BRD, World Bank commence fundraising for Ignite Power ALSO READ: Mobisol rebrands to ENGIE Energy Access Rwanda With the purchase of ENGIE Energy Access, Ignite Power says it will more than double its footprint across Africa. While the agreement has been signed, the transaction is subject to regulatory and antitrust approvals, which are being completed in different countries including Rwanda. According to the statement, the combined entity will be launched as Ignite Energy Access, expanding operations to 14 African nations and providing sustainable energy solutions to more than 15 million people. ALSO READ: ENGIE acquires Mobisol and becomes leader on the off-grid solar energy market in Africa With over 50 megawatts of deployed capacity, a growing footprint, and a range of distributed solar solutions, the combined entity will be positioned to meet the diverse and growing energy needs of African markets, including both underserved rural areas and emerging urban markets. “This transaction accelerates our journey to achieving our vision of providing sustainable, affordable energy solutions to 100 million people by 2030,” Yariv Cohen, CEO of Ignite Power, said in a statement. With a dramatic drop in the cost of solar panels and batteries, along with the increasing adoption of mobile payment systems, Ignite provides an easy-to-install, affordable, sustainable, and reliable source of power for homes, businesses, farmers, schools, and other institutions. With over 600 million African people lacking access to electricity and billions more reliant on unstable and unsustainable grids, Africa offers a tremendous opportunity for accelerated growth. The transaction also confirms Ignite’s recent success in securing $15 million from Afrigreen to support its growing Commercial & Industrial (C&I) solar projects, demonstrating strong investor confidence and financial stability.
