Mera Gao
- Country
- India
- Technology
- Solar PV
- Business model
- Minigrid
ElectriFI invested USD 1 million equity to catalyse two investment funds. The capital increase aims to give an additional 55 000 households access to clean energy and will enable the project to reach financial sustainability.
Contract signature date: May 2017
Total ElectriFI funding: USD 1 m (equivalent EUR 910 160)
Brief description of project:
EDFI ElectriFI committed USD 1 million as part of Micro Grid Power Global Singapore’s USD 2.5 million equity Series B investment round. This investment representing 9% of the company equity, catalyzing Engie Rassembleurs d’Energies (Engie Impact Fund) and Insitor Seed Fund, will enable the expansion of its affiliate – MGP India – with the build of 2,500 additional micro grids totaling an installed capacity of 600 kW in Uttar Pradesh and in Bihar, and the expansion to 55,000 additional customers (providing access to clean energy to around 330,000 people).
Mera Gao Power (MGP) India, fully owned by Micro Grid Power Global Singapore, was set up in 2011 to design, build, own, operate and maintain the world’s lowest cost micro grids to provide priority energy services to India’s remote off-grid hamlets. MGP’s village-level automated micro grids generate electricity through centrally located solar panels, store the generated electricity in batteries, and distribute this electricity across the village to power LED lights and mobile phone chargers in customer households for 7 hours during night time, and for less than USD 1 per week. MGP’s target customers live in isolated rural hamlets with less than 100 homes, with low income and little hope to get access to a main grid connection.
At a glance:
- Number of beneficiaries
- 330,000
- Annual output (MWh/y)
- 5,366
- GHG avoidance (tCO2eq/y)
- 8,022
Impact
- Beneficiary
- Mera Gao Power
- Financing instrument
- Equity
- Amount
- USD 2.5 million
- Country
- India
- Technology
- Solar PV
- Business model
- Minigrid
- Year
- 2017
- Facility
- ElectriFI global