Acumen Pakistan invests in SRE Solutions to bring light in 250,000 lives

Islamabad, October 21, 2013 (PPI-OT): Acumen, a pioneering nonprofit global venture firm addressing poverty across Africa and in South Asia, today announced a $250,000 equity investment in SRE Solutions, a provider of high-quality solar products to off-grid customers throughout rural Pakistan.

Using a unique retail distribution network and employing local entrepreneurs, the upfront payment and monthly installment for the micro-credit product brings solar solutions within an affordable range for these off-grid households.

Acumen’s investment will enable the company to scale operations and undertake important pilots with micro-finance institutions. SRE intends to serve close to 40,000 households, impacting over a quarter of one million lives over the next five years.

The savings from solar solutions enable households to spend more money on education, health and other basic needs of the family, as well as employ a growing group of villagers to serve as sales associates.

“The need for reliable power in Pakistan’s rural communities remains acute, with tens of millions of people who are off grid,” said Farrukh H. Khan, Pakistan Country Director, Acumen. “We are excited to partner with SRE Solutions to provide affordable and high-quality solar power solutions to the country’s off grid communities.”

“A large number of rural households in Pakistan still do not have access to the national power grid. Through low cost and affordable solar energy solutions,SRE plans to target this colossal gap and aims to spark the beginning of a much needed socio-economic change for people living in energy poverty” said Fakhar A. Khalifa, the CEO of SRE Solutions. “We are excited to be working with Acumen.”

Additionally, Acumen has invested over $16 million USD in Pakistan since 2001, focusing on a wide range of sustainable, scalable businesses—in agriculture, housing, health, water and energy—that use market-based approaches to deliver products and services to millions of rural and urban poor.

This is the second energy-related local investment by Acumen Pakistan, following an investment earlier this year inAga Khan Rural Support Program (AKRSP) which is building community-owned hydro power solutions throughout the Chitral district.

For more information, contact:
Sabina Ansari
Acumen Fund Pakistan
11-C, 4th Floor, 1st Commercial Lane,
Shahbaz Commercial, Phase VI
DHA Karachi, Pakistan
Phone: +92.21.3584.6430-2
Fax: +92.21. 3584.6490

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