The Renewable Energy Microfinance and Microenterprise Program (REMMP), implemented by Arc Finance and funded by USAID, has passed a key milestone: as of May 30 2015, REMMP’s partners have provided more than 100,000 households with access to clean energy products such as solar lanterns, solar home systems (SHS) and efficient cookstoves. REMMP partners work in India, Uganda, Kenya and Haiti, and with an average household size of five people, this means that over half a million people in those countries now have access to lighting, power and safe cooking thanks to the initiative.
ReadREMMP encourages a range of financing mechanisms that seek to bridge the affordability gap inherent in providing small-scale energy to the poor. REMMP partners currently include microfinance institutions (MFIs), money transfer organizations (MTOs), technology companies, asset finance providers, an apex organization and a crowdfunding platform. These organizations are demonstrating the commercial viability of developing business models to meet the virtually unlimited demand for renewable energy products among the poor in a profitable and sustainable way.
The projected accelerated growth of program results means that most of the original targets set for REMMP have already been exceeded, not only in terms of households reached, but also in terms of percentage of women clients, financial intermediaries engaged, increases in portfolio size, investments leveraged and stakeholders reached. More than 14,000 tons of CO2 equivalent have also been displaced under the program so far, and more than 1 MW of power has been installed. The end consumers report a 97% satisfaction rate.
Says Nicola Armacost, Managing Director of Arc Finance: “We have been able to nurture a range of successful business models under REMMP and we are now seeing exciting results. Our goal is to scale each of the business models so that poor people around the world can be an important part of the clean energy revolution.“
REMMP will continue through to September 2017.