Rassembleurs d’Energies, a sustainable energy investment and technical assistance arm of giant France-based utility ENGIE, announced its participation in a new $2.5 million round of investment in Mera Gao Power (MGP), an Indian micro-grid developer.
MGP offers solar micro-grids to unconnected rural populations in the state of Uttar Pradesh in northern India.
Rassembleurs d’Energies joined European fund ElectriFi and social impact investor Insitor in the round, which will allow MGP to serve 5,000 villages and more than 700,000 beneficiaries by 2020. MGP used an earlier round of investment from ENGIE in 2015 to electrify more than 1,800 villages and serve nearly 115,000 beneficiaries.
MGP launched in 2010 offering low-cost solar micro-grids to remote villages for as little as $1,000 per installation.