Green Microfinance (GMf) of Pennsylvania and MicroEnergy International (ME) of Germany recently announced the creation of Energizing India, a program that aims to promote clean energy products throughout India. The first phase of the project will focus on four provinces in southern India and will be implemented through a partnership with the microfinance institution (MFI) Evangelical Social Action Forum (ESAF).
Through partnering with local MFIs, Energizing India aims to provide loans to individuals and microenterprises for environmentally sustainable energy systems, including solar, hydro, wind, and biofuel systems all on an individual or village scale. Currently, an estimated 75 million families and two-thirds of all rural households in India are not on the national grid. In 2001, this population consumed 180 million tons of firewood and unknown amounts of oil and kerosene. Energizing India is part of a larger initiative, Energizing Microfinance, formed by Green Microfinance and MicroEnergy in 2007.
Established in 2002, Green Microfinance (GMf) advocates the use of sustainable energy by microenterprises and microfinance institutions. GMf also works to disseminate information about environmentally sustainable microfinance to the microfinance and sustainable development communities. There is no financial information publicly available.
Started at the University of Berlin as research for a thesis, MicroEnergy International (ME) is an initiative to promote, develop, and popularize renewable energy technologies in the developing world. It is attempting to replicate the popular Grameen Shakti program, a division of the Grameen Bank, founded by the Nobel Prize winner, Dr. Muhammad Yunus. There is no financial information publicly available.
Founded in 1992, the Evangelical Social Action Forum (ESAF) is a non-profit microfinance institution (MFI) based in the Kerala Province of India. It was established as a “Christian response to the social and economic needs of people.” As of March, 2007, ESAF had a Gross Loan Portfolio of USD 12.9 million, a Return on Equity of 58.6 percent, and a Debt to Equity Ratio of 3,653.8 percent. It currently holds the MIX Market’s 5 diamond rating for disclosure and transparency.
by Jacob Keller
Additional Resources:
Earth Times: Article
Green Microfinance: Home
MicroEnergy International: Home
Grameen Shakti: Home
Mix Market: ESAF Profile
Similar Posts:
- MICROFINANCE PAPER WRAP-UP: “State of the Art of Green Inclusive Finance 2011-2019: Worldwide Status and Progress Over 10 Years,” by e-MFP Green Inclusive and Climate Smart Finance Action Group
- MICROFINANCE PAPER WRAP-UP: “Sustainable Finance in the MENA Region;” by Natalia Realpe Carrillo, Alexander Reviakin; Published by Sanad Fund for MSME Technical Assistance Facility, HEDERA Sustainable Solutions
- MICROCAPITAL BRIEF: WeLight Madagascar Raises $20m from EDFI ElectriFI, EIB, Triodos for Off-Grid Solar Development
- MICROCAPITAL BRIEF: Hamkorbank of Uzbekistan Borrows $50m from FMO to Fund SMEs Owned by Women, Youth; Microenterprise; Climate Projects
- MICROCAPITAL BRIEF: Luxembourg Invests $25m in First Close of Green Earth Impact Fund, Managed by BlueOrchard, Schroders
