Rockefeller Foundation, OMC Power ink USD 4.5-mn deal

US-based philanthropic organisation Rockefeller Foundation and OMC Power have inked a USD 4.5-million deal to finance OMC Power's construction and retrofitting of 100 solar power plants with mini-grids in rural Uttar Pradesh.
"The financial arrangement is part of the foundation's Smart Power for Rural Development (SPRD) initiative aimed to provide reliable electricity to 1,000 villages and promote rural economic development," a joint press release by Rockefeller Foundation and OMC Power said.
A mini-grid is a decentralised power distribution infrastructure. Renewable energy producing companies deploy mini-grids to provide electricity to rural villages where power access is either unavailable or inadequately available.

"There's a need for significant investment in expanding off-grid energy access that can power both domestic and business activities, and the kind of financing we provide, can enable committed companies such as OMC Power to build the mini-grid sector," Ashvin Dayal, Associate Vice President and MD Asia, Rockefeller Foundation said.
"We strongly believe that, over time, we will encourage the growing pool of renewable energy financing to move towards mini-grids," he added.
Managing Director of OMC Power Rohit Chandra said, "We are proud to partner with The Rockefeller Foundation in our quest to bring affordable and reliable power to millions of power-deprived people and become a world leader in the rural power market."

Established in 2011, OMC Power is a rural power company that finances, builds and operates village-level solar power plants with mini-grid distribution.
OMC Power's mini-grids supply electricity to telecom networks, which serve as anchor customers for the company. Due to the presence of anchor loads, schools, health clinics, enterprises and homes throughout the surrounding village also benefit from the availability of reliable and clean energy.
Rockefeller Foundation launched the USD 75 million Smart Power for Rural Development initiative in April 2015.