International Finance Corporation to assist expansion of prepaid clean energy service in India
World Bank Group member International Finance Corporation will provide advisory services to technology company Simpa Networks to a meter-based prepaid energy service in India.
This energy service is based on a pricing system that will provide rural consumers an access to affordable and clean energy over the next three years.
Simpa Network's solution will also help private sector companies deploying solar micro-grids and solar home systems.
IFC South Asia director Thomas Davenport said that this system is a user-friendly payment model which will help consumers to cut off from the power grid in remote parts of the country.
Simpa Networks president and co-founder Paul Needham added, "In effect, we are replicating the successful prepaid, pay-as-you-go pricing plan, making it easier for everyone to adopt clean energy."