Rockefeller Foundation, US-based philanthropic organisation, and India-based OMC Power have inked a $4.5-million deal to finance OMC Power's construction and retrofitting of 100 solar power plants with mini-grids in rural Uttar Pradesh.
Rockefeller Foundation and OMC Power said in a joint statement: "The financial arrangement is part of the foundation's Smart Power for Rural Development (SPRD) initiative aimed to provide reliable electricity to 1,000 villages and promote rural economic development."
Ashvin Dayal, associate vice-president and MD Asia, Rockefeller Foundation, said: "There's a need for significant investment in expanding off-grid energy access that can power both domestic and business activities, and the kind of financing we provide, can enable committed companies such as OMC Power to build the mini-grid sector.”
Rohit Chandra, managing director, OMC Power, said: "We are proud to partner with The Rockefeller Foundation in our quest to bring affordable and reliable power to millions of power-deprived people and become a world leader in the rural power market."
Established in 2011, OMC Power is a rural power company that finances, builds and operates village-level solar power plants with mini-grid distribution.