French utility and renewable energy developer, Engie, is investing in Kingo Energy, a provider of clean energy in Latin America and Africa.
Engie's investment, alongside development banks Proparco and FMO, aims to bring renewable energy to over 1.5 million people who are currently off-grid in Latin America by 2020. Kingo delivers off-grid solar solutions to people in Guatemala offering ‘pay as you go’ payment options.
In the second of a three part investment, Engie will also join ElectriFi and Insitor in a new round of fundraising for Mera Gao Power (MGP).
MGP provides power with solar microgrids to off-grid rural communities in the state of Uttar Pradesh in Northern India.
In 2015 it supplied power to over 1,800 villages, serving up to 115,000 people. The newest round of funding is expected to provide renewable energy to more than 700,000 people by 2020.
Engie’s third investment is a first round financing project for biodigester producer and distributer company ATEC in Cambodia.
Engie president Paulo Almirante said, the investments contribute to Engie’s 2020 goal to provide 20 million people worldwide with access to sustainable decentralized energy.
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