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project

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.

Total ElectriFI funding: USD 2.5m

Brief description of project:

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.

Funding objective:

Micro Grid Power Global Singapore is raising USD 2.5 million of equity through a Series B investment round to enable the expansion of its affiliate – MGP India. Of the USD 2.5 million, ElectriFI is committing its first equity stake with USD 1 million representing 9% of the company equity, catalyzing Engie Rassembleurs d’Energies (Engie Impact 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.

Why ElectriFI wants to fund this project:

MGP’s facilities offer its customers lower cost, higher quality lighting than kerosene, the primary source of nighttime lighting for India’s off-grid households. The MGP business model is easily reproducible and scalable.

At a glance:

 

Impact

Number of beneficiaries
330,000
Annual output (MWh/y)
5,366
GHG avoidance (tCO2eq/y)
8,022

Key indicators

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
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