Leading global mini-grid developer PowerGen has closed the deal on rival off-grid specialist Rafiki Power from German energy specialist E.ON for an undisclosed sum.
"PowerGen and E.ON Off-Grid Solutions have shared a common vision for a long time: to transform lives by building the energy system of the future in Africa," said Aaron Cheng, President of PowerGen. "We are excited to combine our experience, knowledge, resources, and cultures in order to further our progress towards this shared vision. We greatly admire the E.ON Off-Grid Solutions team and are thrilled to be working closely with them as we build the smart, clean energy system of the future in Africa through microgrids."
The deal provides PowerGen with microgrid assets, a project pipeline, software IP, and human resources from E.ON Off-Grid Solutions. Following the purchase, PowerGen has more than 10,000 utility customers that serving over 50,000 people across several African countries.
A representative for E.ON said the acquisition should help to drive the continued expansion of the off-grid sector. "In Africa the market for local electricity grids is now growing strongly," he said. "With its partner PowerGen, which is truly focused on Africa, Rafiki Power can take the next step in its development and drive expansion at a rapid pace."
Founded in 2011 to address the challenges of renewable energy and energy access in East Africa, PowerGen’s mission is to transform lives through smarter power. PowerGen is building the energy system of the future in Africa, with over 40 microgrids and hundreds of off-grid, renewable energy systems installed across seven countries in Sub-Saharan Africa. PowerGen has over 60 employees, all based in Nairobi, Kenya and Arusha, Tanzania.