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PRESS RELEASE: Rockefeller Foundation & OMC reach US$4.5M deal

THE ROCKEFELLER FOUNDATION AND OMC POWER REACH A US$4.5M DEAL TO FINANCE 100 MINIGRIDS IN RURAL INDIA

The financial deal is part of the Foundation’s initiative to use renewable energy to electrify 1,000 villages


New York, the United States/Delhi, India, March 8, 2016The Rockefeller Foundation and OMC Power have reached a US$ 4.5 million deal to finance OMC Power’s construction and retrofitting of 100 solar power plants with minigrids, in rural Uttar Pradesh.

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NDTV: Solar Revolution in Uttar Pradesh

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Minigrids: the next energy access beacon

Village-scale solar powered minigrids are the most promising path for India to meet its linked aims of GDP growth and access to electricity for all. The Ministry of New and Renewable Energy is already active on this front, but a comprehensive and standardised national minigrid policy that facilitates private sector involvement and eases financing, will allow this model to flourish.

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India is betting heavily on renewable energy to produce a significant chunk of the electricity necessary to power an 8% GDP growth, with a much smaller carbon footprint that will be compatible with the country’s carbon reduction targets. The government has set an ambitious target of nearly 200 gigawatts (GW)1 from renewables by 2022—of which 100 GW will be from solar energy. Industry has risen to the challenge, making commitments to build solar capacity of 175 GW, 2 exceeding the target by a fair bit.

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NHK World: India to Tap Solar Power

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