HSBC along with Spandana and MEC has embarked on a project to provide clean energy alternatives to clients of Spandana, a Hyderabad based microfinance institution MFI. MicroEnergy Credits is a US Based social enterprise and has worked with several MFIs globally to help them 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.”

“I’m proud to partner with HSBC and Spandana in their effort to enable the microenterprise sector in India join the global effort to stop climate change and also bring the benefit from the carbon markets to micro entrepreneurs” said April Allderdice, CEO of MicroEnergy Credits Corp.

Ms. Padmaja Reddy, Founder, 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.”

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. Households that adopt these products will reduce dangers to health and burdens on women for biomass fuel collection, allowing them to pursue additional income-generating activity.

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