FB, Microsoft to usher in microgrids
Facebook, Microsoft and venture capitalists at Allotrope Partners have set up a facility to finance energy access projects in Indonesia, India and East Africa. A microgrid is a miniature power system that operates independently of a national grid. The International Energy Agency estimates that over 1.2 billion people don’t have access to electricity, mostly in subSaharan Africa and developing Asia.
As renewable energy technologies such as solar panels become cheaper, microgrids have emerged as an option to more people. The Microgrid Investment Accelerator, or MIA, will seek to mobilise $50 million from 2018 to 2020. It will tap grants and loans from foundations and development banks to attract private capital into projects that help to transmit renewable energy over small electricity networks.