OPIC lends $10 million to MicroEnergy Credits

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Seattle based MicroEnergy Credits (MEC) has received a $10 million loan from the Overseas Private Investment Corporation (OPIC) for the development of carbon credit programs with its partner microfinance institutions.
Micro borrowers will benefit from affordable access to new clean energy technologies which are not readily available in the market place. Those products will in turn reduce borrowers’ energy costs, improve their household health – for example, by reducing smoke inhalation caused by less efficient cook stoves – and enhance their productivity by extending their hours of business operation through the use of solar lighting.

OPIC will be repaid by income generated through MEC’s sale of carbon credits in carbon markets using Emissions Reductions Purchase Agreements.

April Allderdice, CEO of MicroEnergy Credits, said “we believe microfinance institutions, with their enormous market reach, have an important role to play in providing access to clean energy products and services to people at the bottom of the economic pyramid. OPIC’s investment will help MicroEnergy Credits accelerate our growth in high potential markets with significant unmet demand for affordable clean energy products.”

Source-Micofinance Focus