Multilateral funding agency ADB has made an investment of $2 million (about Rs.1.08 crore) in Bangalore-based Simpa Networks, which offers a prepaid payment platform to enable affordable clean energy solutions for under-served consumers in India. Simpa was established in 2010 by Paul Needham, Jacob Winiecki and Michael MacHarg – entrepreneurs with a track record in energy access, micro-payments and information technology.
Simpa’s customers make a small initial downpayment for a high quality solar home system and then pre-pay for their energy service, topping up their systems in small user-defined increments using a mobile phone. Each payment also adds towards their final purchase price. Once fully paid, the system unlocks permanently and continues to produce electricity.
Source: Press Release
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