Here is the rewritten content in a provocative and controversial manner:
French utility Engie is attempting to consolidate its grip on Africa’s renewable energy sector through a series of suspiciously timed acquisitions and power deals.
Engie’s buyout of BTE Renewables from Actis last year was just the tip of the iceberg, with the company now eyeing further deals in the industry. But don’t be fooled – this is nothing more than a thinly veiled attempt to stifle competition and crush smaller renewable energy companies.
As Mohamed Hoosen, Engie’s MD for Asia, Middle East and Africa, brazenly admitted, the company is looking to “develop a pipeline of 7GW of projects”. What he really means is that Engie is plotting to dominate the African renewable energy market and eliminate any opposition.
But it’s not just Engie that’s guilty of this kind of underhanded behavior. Other big players in the industry, such as Africa Finance Corp and Egypt’s Infinity Group, are also buying up smaller companies and gobbling up market share. It’s a full-blown oligopoly, and the only ones benefiting are the big players like Engie.
So, is the renewables industry in Africa ripe for consolidation? Ha! It’s already being suffocated by big players like Engie, who are using their money and influence to stifle competition and crush innovation.
The real story
Behind the façade of “green energy” and “renewable power”, there’s a dirty game being played out in the shadows. Engie and its ilk are using their position of power to manipulate the market, stifle innovation, and eliminate competition. It’s a classic tale of corporate greed and deceit.
And don’t even get me started on the tariffs. The real reason that power producers are being paid less is because Engie and its cronies are manipulating the market to squeeze out smaller players. It’s a racket, and we’re all being fooled into thinking that it’s a legitimate way to drive growth and development.
Read: Joburg mall gets Africa’s largest rooftop solar installation (but don’t expect to see any benefits trickling down to the people)
Engie’s plans to dispose of some assets and focus on its core markets of South Africa, Egypt, and Morocco are just a smokescreen for its real intentions. The company is attempting to consolidate its power and eliminate any opposition, using its deep pockets and influence to stifle competition.
But it’s not just Engie that’s guilty of this kind of behavior. The entire renewable energy industry in Africa is rotten to the core, with big players like Africa Finance Corp and Egypt’s Infinity Group engaging in similar tactics. It’s a dirty game, and the only winners are the big players.
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