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Yahoo News: USAID & RBL Bank USD 75M loan guarantee

New Delhi [India], Nov. 3 (ANI): The United States Agency for International Development (USAID) and Mumbai-based RBL Bank announced on Thursday a new loan portfolio guarantee that will facilitate up to USD 75 million for lending to small and medium enterprises (SMEs) operating in off-grid, solar rooftops, and energy efficiency sectors. This guarantee is the first of its kind between USAID and an Indian private sector bank which will support innovative solutions and business models to improve access to clean energy sources for electricity.

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India needs more than USD 100 billion in energy investment per year until 2040 to meet its need for electricity. The U.S. Government supports the Government of India’s goal of providing 24×7 power to all Indian households by 2020 and lowering of greenhouse gas (GHG) emissions by 2030. Today’s loan guarantee signing advances that goal by making finance accessible for companies that are providing energy access to communities not connected to India’s electricity grid.

USAID Mission Director to India, Ambassador Jonathan Addleton, hosted RBL for the official partnership signing ceremony noting that “USAID is excited to partner with such a forward-looking institution as RBL Bank to achieve our shared vision of bringing clean energy access to all Indians. USAID will continue to support clean energy finance efforts in support of India’s transition to a high-performing, low-emission, energy-secure economy.”

Managing Director & CEO, RBL Bank, Vishwavir Ahuja, commended the agreement, saying, “We are proud to be the first Indian private sector bank to sign this guarantee with USAID. While India has abundant renewable energy, finance is a major barrier to develop clean, affordable and reliable energy. Our partnership with USAID will significantly reduce the gap between sustainable energy projects and financial resources for stakeholders with little or no access to financial sources as well as for entrepreneurs who are passionate about building clean energy.”

Also present at the event was rural micro-grid company OMC Power, which hopes to be one of the first companies to access a loan under the guarantee. Vice-Chairman and Executive Director, OMC Power, Rohit Chandra, celebrated the signing saying, “This loan comes at a time when financing options for companies such as OMC are harder to come by. It will allow us to expand our operations to rural areas in Uttar Pradesh that have never had access to energy in the past.”

The United States Agency for International Development (USAID) works to end extreme poverty and promote resilient, democratic societies. It is an independent government agency that provides economic, development, and humanitarian assistance around the world in support of the foreign policy goals of the United States.

RBL Bank is one of India’s fastest growing private sector banks with an expanding presence across the country. It currently services over 2 million customers through a network of 201 branches and 373 ATMs spread across 16 Indian states and Union Territories. (ANI)


Read original article: “US AID and RBL Bank Announce USD 75 m loan guarantee for clean energy projects

USAID press release: “USAID AND RBL BANK ANNOUNCE $75 MILLION IN LOAN GUARANTEE FOR CLEAN ENERGY PROJECTS

Microgrid Media: “USAID, RBL Bank Partner to Expand Off-Grid, Rooftop Solar in India

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OMC Behind The Scenes

Join OMC’s CEO Anil Raj and CTO Sarraju Narasinga Rao on a journey in rural India where homes, colleges, small businesses and telecom towers are switching from fossil fuels to renewable energy from OMC’s minigrids.

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GreenTechMedia: Solar Minigrids and Micropower for the Energy Poor

SunEdison – the leading renewable energy developer – expands deeper into emerging markets.

In a conference room in midtown Manhattan on Tuesday, large screens glowed bright orange with the SunEdison logo. But the gathering was not a sales pitch for SunEdison, argued the company’s CEO, Ahmad Chatila.

“We hope next year there will be many more companies here with us, and many more after that,” Chatila told the audience during an impromptu address.

The company was front and center, however. At the Eradication of Darkness Summit this week, SunEdison announced plans to bring electricity to 20 million people by 2020, with an interim goal of lighting up 1 million homes in 2015.

Many say off-grid power has transformed their lives

The commitment would only address a fraction of the 1.3 billion people who live without electricity and the billion others who only have intermittent access to power. But it is a considerable pledge from a single company — and a helpful boost to the World Bank’s goal of getting 500 million people connected to power through private business investments.

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FierceEnergy: OMC & SunEdison to bring power to millions by 2020

SunEdison sets goal to bring power to 20 million people by 2020

SunEdison has announced a plan to bring electricity to 20 million people in underserved world communities by 2020. The project will be conducted by SunEdison Social Innovations, a group whose mission is to help rural communities by developing business models and introducing new communities to help renewable energy sustainable.

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“Billions of people worldwide don’t have access to electricity,” said Ahmad Chatila, president and chief executive officer at SunEdison. “Without electricity they can’t access many of the things we take for granted — health clinics with vaccines, or schools with computers and fans. But by applying a mix of new business models, new technology, and charitable donations, we are tackling the issue head on.”

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