Solar reaches low-income Indians

Bangalore, India-based social venture SELCO India recently raised growth financing to expand its program to provide renewable energy to low-income homes and businesses in India. The amount of funding was undisclosed and was led by an equity investment by Swiss-registered nonprofit Good Energies Foundation, which shares ownership with global venture capital firm Good Energies. The Lemelson Foundation and nonprofit E+Co also contributed.

SELCO India, short for Solar Electric Light Company, has sold, financed and serviced solar power units to 100,000 homes in India through microfinance and other models from a network of 25 rural service centres across the southern state of Karnataka. About two-thirds of its customers survive on less than $4 a day. The company is also working on cleaner versions of cookstoves, solar-powered water pumps and wireless communication.

According to India’s Central Electrical Authority, the country currently has the capacity to produce 130,000 MW of electricity every year but has a peak energy shortage of more than 15 percent.

SELCO was the recipient of the FT ArcelorMittal Boldness in Business Award for Corporate Social Responsibility.

Original article: Emma Ritch. Cleantech Group. 13 January 2009. Read more…