CEEW, Villgro set up grant to build clean energy-based solutions

The two entities have jointly rolled out an initiative to scale up clean energy solutions. Powering Livelihoods will provide dedicated capital, technical and sectoral growth support to at least five enterprises deploying innovative, clean energy-powered livelihood appliances, and enable them to undertake large-scale commercial deployments over a period of next three years. The initiative has under its aegis, investment partners like Caspian Debt, Upaya Social Ventures, among others.

The initiative includes tranched grant support (upto $250,000) to each enterprise to help them kick-off the commercial deployment of their product/appliance and to allow financial leverage for further fundraise in the form of equity/debt. Arunabha Ghosh, CEO, CEEW, said, “India has a market worth over $50 bn for clean energy solutions for rural spaces. We aim to catalyse the transformation of India’s rural economy by scaling up the accessibility and commercialization of clean energy-based solutions. We believe the initiative shall help unlock support from investors, policymakers, as well as gather evidence to create a tangible and sustainable impact towards India’s rural development and climate change agendas.”

Recently, it was reported that over 4 mn micro enterprises in India have cited lack of reliable electricity as the top bottleneck for their businesses. Providing reliable energy access not creates new livelihood opportunities and also improves productivity, product value, and incomes. Tamil Nadu, which garners 17% of its total electricity from renewable sources, will add on consistently to its clean energy capabilities in the future.

According to experts, a push for reliable power extension to households needs to be complemented with energy-efficient appliances for livelihoods and industries as well as decentralised renewable energy-based products and encouraging their applications in everyday life and industrial activities.