Spandana Spoorthy Financial Ltd, Hyderabad-based microfinance institution, has partnered with global banking major HSBC and the US-based MicroEnergy Credits Corp. (MEC) to provide clean energy alternatives to its clients.
HSBC will offer a grant to Spandana that will enable it to get technical assistance from MicroEnergy Credits for developing a clean energy product portfolio for its clients.
The project aims to offer sustainability to around one million households in pursuing additional income generating activity, said a company statement.
MEC will link to Spandana’s microfinance clients to the global carbon credit markets and enable them to trade carbon credits earned by adopting clean energy. MEC is a US-based social enterprise and is tied up with global MFIs to help them launch and scale up their clean energy programmes, added the statement.
Padmaja Reddy, founder, Spandana said, in a statement, “it will further benefit us in exploring the possibility of making available a wider range of financial and non-financial products and services to our clients.”
Spandana has raised funds through venture capital rounds and debts to spearhead its growth. In September 2009, it raised $60 million or Rs 300 crore from Temasek Holdings. Earlier in July 2007, the company raised Rs 49 crore ($12.25 million) from JM Financial India Fund and Lok Capital. It has also raised Rs 50 crore ($12 million) funds from Rabo India as debt and another Rs 80 crore through the issue of non-convertible debenture this year.
