HSBC ties up with Spandana Microfinance and MEC to offer clean energy solutions

Microfinance Focus, Dec. 17, 2009: Global bank HSBC has tied up with Hyderabad-based Spandana microfinance institution and US-based MicroEnergy Credits Corp. (MEC) to provide clean energy alternatives to clients of Spandana, said a press release.
MicroEnergy Credits has worked with several MFIs globally to launch and scale clean energy programs. A grant from HSBC will enable Spandana to receive technical assistance from MicroEnergy Credits to develop and roll out a clean energy product portfolio suited to the needs of its clients. MEC will in turn link Spandana’s microfinance clients to the global carbon credit markets and enable them to trade carbon credits earned by adopting clean energy.

Speaking on the occasion, Naina Lal Kidwai, Group General Manager and Country Head, HSBC India said: “We believe that this innovative approach will offer clean energy through renewable resources, helping to green the Indian economy. Early findings of a survey conducted in the Bhandara region are encouraging; these indicate a high response rate among rural women to accept new technologies for use of renewable energy resources. We see great potential to scale up this initiative, thereby creating greater impact across India.”
The project aims to impact around 1 million households. By the end of the Project Spandana staff will have the capacity to manage an energy product portfolio that is scalable on a sustainable basis. This will have the impact of making credit for clean energy access available to Spandana’s growing client base.

Ms. Padmaja Reddy, founder of Spandana said, “Through this partnership, we are able to offer affordable and environmentally-friendly lighting technologies to our clients. At Spandana, we are committed to enhancing the overall quality of our clients’ lives, and the solar torch light loan is one of many products that we consider to be essential and with the potential to improve the lives of our clients. The learning’s from this pilot have been useful for us as we explore the possibility of making available a wider range of financial and non-financial products and services to our clients.”

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