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.
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.
Micro Grid Power Global Singapore is raising USD 2.5M of equity through a Series B investment round to enable the expansion of its affiliate – MGP India. Of the USD 2.5M, ElectriFI is committing its first equity stake with USD 1M representing 9% of the company equity, catalyzing Engie Rassembleurs d’Energies (EngieImpact Fund) and Insitor Seed Fund. MGP will use this additional funding to build 2,500 additional micro grids totaling an installed capacity of 600 kW in Uttar Pradesh and in Bihar, and expand to 55,000 additional customers, hence providing access to clean energy to around 330,000 people.
EDFI ElectriFI aims to increase the number of Sigora customers and provide them with access to 24/7 electricity in a country where three quarters of the population doesn’t have power, and where those who do have to cope with intermittent access totaling just 5-9 hours a day. In Haiti, smart electric meters streamline operations, allowing the micro-utility to remotely monitor and control grid performance, identify and deter theft, and capture consumer payments electronically,
thereby overcoming the traditional challenges of keeping micro-grids working reliably and profitably. A pay-as-you-go model sidesteps revenue-collection issues related to non-payment and allows customers to purchase electricity that is directly in line with their consumption, meaning that even the smallest customer can afford to be connected and replace dirty, expensive, and dangerous alternatives like candles and kerosene with readily available, 24/7 productive power.
USD 2.5 million (EUR 2.3 million)
Targeted impact – Number of beneficiaries
Targeted impact – Annual output (MWh/y)
Targeted impact – GHG avoidance (tCO2eq/y)