The US - based Rockefeller Foundation will finance OMC Power to the tune of $4. 5 million to construct and also retrofit 100 solar power plants with mini - grids in Uttar Pradesh, the Foundation announced on Tuesday.
The Rockefeller Foundation said in a statement that the arrangement is part of its Smart Power for Rural Development (SPRD) initiative to provide reliable power to 1, 000 villages.
The financial deal with OMC Power is to build and retrofit solar power plants with mini - grids in rural Uttar Pradesh.
A mini - grid is a decentralised power distribution infrastructure. Renewable energy producing companies deploy mini - grids to provide electricity to villages where power access is either unavailable or inadequate.
"There is 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, The Rockefeller Foundation's associate vice President and managing director, Asia was quoted as saying in the statement.
"We are growing a sustainable rural utility business that not only creates value for our shareholders but also furthers energy access, entrepreneurship, economic development and social empowerment in rural India, " Rohit Chandra, managing director, OMC Power was quoted as saying in the statement.