France’s Engie has announced three new investments in decentralized energy projects in Cambodia, India and Latin America.
The firm’s social impact fund, Engie Rassembleurs d’Energies, is set to fund a first round of financing for biodigester manufacturer ATEC in Cambodia. ATEC’s technology is aimed at providing biogas to fuel rural communities and Engie said its investment would benefit over 50,000 Cambodians by 2020.
In India, Engie Rassembleurs d’Energies is supporting solar microgrid project developer Mera Gao Power in its second fundraising round. Its first round in 2015 resulted in electrification for over 1800 villages, Engie said. The fund now joins European investment fund ElectriFi and social impact investor Insitor in the second round, which MGP said will allow it to accelerate its rollout over the next two years and serve 700,000 people by 2020.
And in Latin America, the fund will invest in off-grid solar power firm Kingo to support its work in Guatemala. The firm’s pay-as-you-go solar solutions currently supply around 170,000 people while Kingo provides system maintenance. The investment will be made jointly with development banks Proparco1 and FMO2, Engie said, and is planned to bring power to over 1.5 million people by 2020.
Paulo Almirante, Engie’s executive vice-president for corporate and social responsibility and president of Engie Rassembleurs d’Energies, said, “Through its social impact investment fund, Engie progresses on its commitment to fight against energy poverty by providing access to sustainable energy to deprived populations.
“Not only does it generate a huge impact through the action of the local entrepreneurs it supports but it also rallies new investors in financing the tremendous needs of these industries. These three new investments will contribute to Engie’s goal of providing 20 million people around the world with access to sustainable, decentralized energy by 2020.”