The Indian division of UK-based bank HSBC has made an unspecified grant to microfinance institution (MFI) Spandana of India to contract with US-based MicroEnergy Credits (MEC) to develop products to assist microborrowers in purchasing solar-powered lighting and selling carbon credits resulting from the use of the new lighting. MEC, which has worked with several MFIs to help them launch and scale clean energy programs, will work with Spandana to create products tailored to the needs of its clients. MEC will also assist clients that purchase the solar lights to sell credits they earn by using the clean energy. The project aims to reach 1 million households, reducing the burden of collecting biomass fuel and the health risks of breathing smoke.

Sources and Resources:

HSBC press release on the Microfinance Gateway:
http://www.microfinancegateway.org/gm/document-1.1.3919/Press%20Release%20HSBC.doc

HSBC India
http://www.hsbc.co.in/

Spandana
http://www.spandanaindia.com/

Micro-Energy Credits
http://microenergycredits.com/