Karachi, Pakistan, October, 2013 – Acumen, a pioneering nonprofit global venture firm addressing poverty across Africa and in South Asia, today announced a $250,000 equity investment in SRE Solutions, a provider of high-quality solar products to off-grid customers throughout rural Pakistan.
Using a unique retail distribution network and employing local entrepreneurs, the upfront payment and monthly installment for the micro-credit product brings solar solutions within an affordable range for these off-grid households.
Acumen’s investment will enable the company to scale operations and undertake important pilots with micro-finance institutions. SRE intends to serve close to 40,000 households, impacting over a quarter of one million lives over the next five years. The savings from solar solutions enable households to spend more money on education, health and other basic needs of the family, as well as employ a growing group of villagers to serve as sales associates.
“The need for reliable power in Pakistan’s rural communities remains acute, with tens of millions of people who are off grid,” said Farrukh H. Khan, Pakistan Country Director, Acumen. “We are excited to partner with SRE Solutions to provide affordable and high-quality solar power solutions to the country’s off grid communities.”
“A large number of rural households in Pakistan still do not have access to the national power grid. Through low cost and affordable solar energy solutions, SRE plans to target this colossal gap and aims to spark the beginning of a much needed socio-economic change for people living in energy poverty” said Fakhar A. Khalifa, the CEO of SRE Solutions. “We are excited to be working with Acumen.”
Additionally, Acumen has invested over $16 million USD in Pakistan since 2001, focusing on a wide range of sustainable, scalable businesses—in agriculture, housing, health, water and energy—that use market-based approaches to deliver products and services to millions of rural and urban poor. This is the second energy-related local investment by Acumen Pakistan, following an investment earlier this year in Aga Khan Rural Support Program (AKRSP) which is building community-owned hydro power solutions throughout the Chitral district.
For additional information on Acumen Pakistan and its work globally, please visit www.acumen.org or contact Ahmad Khan at [email protected].
Acumen is a not-for-profit working to change the way the world tackles poverty by investing in companies, leaders and ideas. We invest patient capital in business models that deliver critical goods and services to the world’s poor, improving the lives of millions. Since 2001, Acumen has invested more than $83 million in 73 companies across South Asia and Africa. We are also working to build a global community of emerging leaders that believe in creating a more inclusive world through the tools of both business and philanthropy. Please visit www.acumen.org for more information.
About SRE Solutions
Established in 2010, SRE Solutions (Pvt) Ltd is provider of reliable, scalable and easy to install solar energy solutions. SRE operates in off-grid rural households, through its retail agents’ network. SRE provides the basic household necessities like lighting, cell phone charging, fan and television. Through partnership with Micro Finance Banks and Micro Finance Institutes, SRE products are available at affordable upfront payments and easy monthly installments. Please visit www.sresolutions.com for more information.