2030 Finance | June 6, 2017

Mera Gao Power raises $2.5 million to expand rural India reach

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Mera Gao Power has raised $2.5 million to expand its reach in rural India.

The capital will be used to expand solar power to 5,000 off-grid villages in Uttar Pradesh, a state in northern India with a mostly rural population of 200 million people.

Mera Gao Power launched in 2010 offering low-cost solar microgrids to small, very remote villages for as little as $1,000 per installation. The company operates in markets where grid expansion is unlikely in the near future, in spite of a government goal to electrify every Indian village by 2019.

Singapore-based Impact Investment Exchange (IIX) helped Mera Gao Power raise the capital from the Insitor Impact Fund, the ENGIE Rassembleurs d’Energies Initiative, and the Electrification Financing Initiative.