Asian Development Bank : Pay-As-You-Go Model Expands Solar Energy Access in Rural India
Tuesday, March 19, 2013
More than 60,000 households in rural India will have better access to electricity by 2015 as Simpa Networks, a company supported by the Asian Development Bank (ADB), scales up the sales of its off-grid, pay-as-you-go solar energy solutions.
ADB has signed a $2 million equity investment in Simpa Networks, a company that offers a simple, prepaid payment platform to enable affordable clean energy solutions for underserved consumers in India.
“The success of this entrepreneurial venture could lead to increased venture capital funding for inclusive business models which deliver goods and services to those at the base of the economic pyramid,” said Aniruddha Patil, Investment Specialist with ADB’s Private Sector Operations Department.