Off-grid home solar co Fenix plans expansion outside Uganda

The ReadyPay solar system. Source: Fenix International

April 25 (SeeNews) - Fenix International, which offers lease-to-own home solar systems in Uganda, is getting ready to expand internationally later this year.

The company announced on Monday it has signed over 60,000 leases, valued at USD 11 million (EUR 9.8m) in total, for its ReadyPay Power offering since January 2014. The solution allows Ugandans to use a USD-200 solar system to power LED lights, radios, TVs and to charge their phones. Customers make a small deposit at first to take home the system and then pay off the remaining cost in instalments over a period of 18 to 24 months.

Fenix has partnered with local telecom MTN to sell and distribute its offerings. Meanwhile, it has arranged for foreign investors to finance the leases.

The company notes that this year it will seek to grow its customer base, product portfolio and market reach.

(USD 1.0 = EUR 0.888)

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