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March 19, 2013

Deal Alert: ADB invests $2-M in Simpa Networks

Multilateral funding agency ADB has made an investment of $2 million (about Rs.1.08 crore) in Bangalore-based Simpa Networks, which offers a prepaid payment platform to enable affordable clean energy solutions for under-served consumers in India. Simpa was established in 2010 by Paul Needham, Jacob Winiecki and Michael MacHarg - entrepreneurs with a track record in energy access, micro-payments and information technology. 

Simpa’s customers make a small initial downpayment for a high quality solar home system and then pre-pay for their energy service, topping up their systems in small user-defined increments using a mobile phone. Each payment also adds towards their final purchase price. Once fully paid, the system unlocks permanently and continues to produce electricity. 

Source: Press Release

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