Simpa Networks Announces Commercial Debt Financing to Scale Up Its Clean Electricity Solutions in Rural India
December 17, 2014
(OPIC)
$4 million from OPIC and GDF Suez provides financing to electrify 50,000+
households
BANGALORE – Simpa, which sells solar-as-a-service to energy-poor households and
micro-enterprises in rural India, today announced that it has completed a $4
million debt financing round. The financing has been provided by Overseas
Private Investment Corporation (OPIC), the U.S. Government’s development finance
institution, and by GDF Suez through their Rassembleurs d’Energies program.
An estimated 400 million people in rural India still do not have access to an
electricity grid. Distributed solar-powered electricity systems are dramatically
improving the quality of life for energy-poor families and promoting economic
activity by enabling small businesses to extend their working days.
“Rural India is rising, and we are creating new opportunities to invest in its
growth”, said Paul Needham, President and Co-Founder of Simpa Networks. “This
new debt investment, the first of its kind in India, will help us scale our
for-profit solution to the problem of energypoverty. It validates our model and
proves a pathway to mobilize commercial debt capital at scale. Clean electricity
for rising rural India is an investible proposition.”
Simpa operates in rural Uttar Pradesh, an Indian state with severe power
deficit. The new debt facility will enable Simpa to reach 200,000 people with
clean, reliable electricity services.
“Simpa’s inclusive approach to spreading energy access makes them an ideal
partner for OPIC’s impact-focused development investment strategy,” said
Elizabeth Littlefield, OPIC’s President and CEO. “The kind of technological leap
Simpa and like-minded innovators are achieving proves that off-grid, clean
energy in emerging markets is not merely viable, but a true opportunity both
financially and environmentally.”
“Globally, more than one billion people lack access to modern electricity. We
invest in forprofit solutions that can scale to meet this challenge,” said
Jérôme Broutin, CFO at GDF Suez Rassembleurs d’Energies. “In Simpa, we have an
opportunity to support a growth stage company scale up its impact to reach tens
of thousands more people with affordable, clean, renewable electricity.”
Welcome to the Exporting Source
Your one-stop resource for finding help to export to new customers, to learn about government export programs, to join export-promoting trade missions, to sign up for trade conferences and training, and to link to other exporting services. Whether you're an old hand at exporting or just getting started, the Exporting Source provides a place to locate foreign customers, export financing and foreign investment assistance.