Arc Finance has established partnerships with a number of organizations that have specialized technical and local expertise to carry out the goals of REMMP in Haiti, India, Kenya and Uganda.
REMMP Partner in Haiti
REMMP Partners in India
Bandhan Konnagar is the NBFC-MFI (Non Banking Finance Company – Micro Finance Institution) not-for-profit organization that is part of Bandhan Financial Services Ltd. (BFSL), the largest MFI in India. BFSL provides microfinance services to 6.3 million borrowers, (all women), through 2,022 branches across 22 Indian states. Arc is supporting Bandhan under REMMP to develop and launch a new multi-state, energy-focused subsidiary, providing both sales and credit for its clients.
Indian Grameen Services (IGS) is a registered section 25 not-for-profit company that serves as the action research, pilot testing and incubation arm of the BASIX Group, one of India’s largest financial and business development institutions focused on the poor. Arc has partnered with IGS to launch Vayam Renewable, which markets, sells and finances energy products for low-income consumers in rural communities, through REMMP, and trains and supports a network of village-based solar retailer-technicians.
Friends of Women’s World Banking-India (FWWB-I) is a registered section 25 not-for-profit apex organization that provides loan support and program development assistance to a network that currently includes 25 microfinance and community-based organizations located throughout India. Arc Finance is partnering with FWWB-I under REMMP to create and grow a revolving credit facility for clean energy. Arc is also providing technical assistance to FWWB-I’s MFI sub-partners to finance a range of energy services.
REMMP Partner in Uganda
SolarNow is a private solar distribution and service company that is delivering improved solar access to poor rural consumers in Uganda. Arc is partnering with SolarNow under REMMP to support the scaling of its franchise-based solar retail business. SolarNow offers an in-house credit facility for a range of modular solar home systems and low-voltage appliances. Under REMMP, Arc Finance provided funds to upgrade SolarNow’s Management Information System to handle its credit facility, as well as arranging a DCA loan guarantee to allow access to affordable local debt funding.
REMMP Sub-Partners in India
Grameen Koota Financial Services Pvt. Ltd. (Grameen Koota) is an Indian NBFC-MFI (Non Banking Finance Company – Micro Finance Institution) organization based in Bangalore, with its services are focused on the rural poor and low-income households, particularly women. Arc is providing Grameen Koota with strategic advice and technical assistance to help develop its growing energy lending business.
Mahashakti Foundation (MSF) is registered as a Trust and operates an NBFC-MFI (Non Banking Finance Company – Micro Finance Institution) known as Mahashakti Inclusive Financial Services Pvt. Ltd. MSF is based in Odisha, India, and provides a range of services to “poor and downtrodden communities.” Mahashakti works toward improving health and education, expanding renewable energy and sustainable community development, and providing microinsurance and microcredit. Under REMMP, Arc is providing MSF with strategic advice and technical assistance to help scale its energy lending business.
Utkarsh Micro Finance Pvt. Ltd. (Utkarsh) is the NBFC-MFI (Non Banking Finance Company – Micro Finance Institution) arm of Samutkarsh Welfare Society, a registered 25 not-for-profit organization based in Varanasi, India, that seeks to support underprivileged and underserved segments of the population through financial and non-financial services. Arc is providing Utkarsh with strategic advice and technical assistance to help develop and scale its energy lending business.
Weaker Section Development Society (WSDS) is a registered NBFC-MFI (Non Banking Finance Company-Micro Finance Institution) that seeks to reduce rural poverty, especially among women, in the remote state of Manipur, India, through the provision of financial and non-financial related services. Arc is providing WSDS with strategic advice and technical assistance to help scale its energy lending business, in which WSDS provides small-scale credit for products including solar home lighting systems as well as financing for education costs. WSDS is also working with Arc to pilot a solar microgrid in a village outside Imphal.