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Renewable Energy for India: A New Deal Could Impact 250 Million People


Written by Brinda Ganguly, Sr. Associate Director, The Rockefeller Foundation

Read original blog post: rockefellerfoundation.org/blog


Recently, The Rockefeller Foundation and OMC Power closed a $4.5 million deal to finance OMC Power’s construction and retrofitting of 100 solar power plants in rural Uttar Pradesh, India to serve villages that do not have reliable access to power.

This deal is an example of a foundation engaging in impact investing—making an investment that generates social impact as well as a financial return.

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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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Economic Times: Rockefeller Foundation pledges $75 million to light up 1,000 villages

NEW DELHI: The Rockefeller Foundation has announced a $75-million, or about Rs 467-crore, rural electrification programme for bringing clean power to a million people across one thousand villages in Uttar Pradesh and Bihar over the next three years through mini-grids.

The programme, ‘Smart Power for Rural Development’, aims to install 150 solar-powered mini-grids by the end of 2015, 500 by the end of 2016 and the balance in 2017 in villages which have either no or less than 10% of coverage by the national grid.

New Delhi-based Smart Power will partner energy service companies (ESCOs), telecom tower operators, investors, non-governmental organisations (NGOs), and government agencies in implementing this project.

“Rural electrification is littered with philanthropy. But these ESCOs are for-profit. We’re not yet ready for the for-profit only model. That’s why we have this hybrid or blended solution at this point of time to kickstart the microgrid model,” said Judith Rodin, president at The Rockefeller Foundation.

The foundation would provide bridge loan financing to the four ESCOs -Tara Urja, OMC, Desi Power and Free Spans — in addition to providing them techno-commercial support, facilitating their agreements with telecom companies and aligning it with the government’s overarching policy.

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