Microgrid investment Fund, Backed by Facebook and Microsoft, Issues RFQ

A new California-based microgrid investment fund is seeking projects to finance in India, Indonesia or Tanzania.

microgrid investment fundThe Microgrid Investment Accelerator (MIA) issued a request for qualifications (RFQ) this week seeking qualified and experienced renewable energy service companies (RESCOs).

MIA hopes to finance microgrid projects that:

  • Are over 5 KW in peak generation capacity
  • Use renewable energy as the primary generation source
  • Focus on providing energy access to communities that lack reliable electricity or any electricity at all
  • Are located in Bihar or Uttar Pradesh India, Indonesia, or Tanzania

Launched at the U.N. Sustainable Energy for All Forum on April 2, it is backed by founding partners Facebook, Microsoft and Allotrope Partners. This first-of-its-kind financing facility seeks to mobilize about $50 million between 2018-2020 to expand energy access to communities that currently lack reliable, modern energy services in India, Indonesia and East Africa.

The investment fund offers both equity and debt at the corporate and project level for renewable energy microgrids.

Recognizing the customized nature of microgrids, MIA is open to a broad range of project types and is not adhering to a strict definition of ‘microgrid’. However, as a threshold the projects must help overcome lack of access to electricity, a problem for 16 percent of the world’s population, about 1.2 billion people, according to the International Energy Agency.

To de-risk private sector capital, MIA operates under a hybrid non-profit/for profit structure. This allows MIA to mobilize grants and concessionary capital from sources that agree to sacrifice some financial return for the sake of societal good. The fund has set a goal to raise $45 million by the end of this year, with $20 million for India, $15 million for Africa and $10 million in Indonesia.

The microgrid investment fund seeks responses by June 30. The application is available on MIA’s website.

Track news about the MIA RFQ and other microgrid solicitations by following us on Twitter @MicrogridNews.

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Elisa Wood About Elisa Wood

Elisa Wood is the chief editor of MicrogridKnowledge.com. She has been writing about energy for more than two decades for top industry publications. Her work also has been picked up by CNN, the New York Times, Reuters, the Wall Street Journal Online and the Washington Post.

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