SPI launches scheme boost power demand of micro grids

As per the recent surveys conducted by SPI across mini-grid villages, rural households are prioritizing their spending on food, shelter, and safety over electricity consumption. The scheme, therefore, is expected to play a significant role in retaining the mini-grid customers during the lockdown and ensure continued on-time payment behavior once cash flow improves, it added.

Smart Power India (SPI) said that it has launched a customer voucher scheme (CVS) for mini-grid customers. The scheme is expected to have a significant positive impact on over 125,000 lives in 200 mini-grid villages, an SMI statement said. Mini-grid customers will be able to redeem the vouchers against their monthly electricity bill issued by Mini-Grid Operators (MGO) for a period of three months. Amidst the lockdown, electricity demand has dropped by up to 70 per cent, especially from commercial and enterprise customers, it said. As per the recent surveys conducted by SPI across mini-grid villages, rural households are prioritizing their spending on food, shelter, and safety over electricity consumption.

The scheme, therefore, is expected to play a significant role in retaining the mini-grid customers during the lockdown and ensure continued on-time payment behavior once cash flow improves, it added. Over the next three months, the scheme will maintain the electricity demand and restore MGO’s cash flow back to pre-lockdown levels, it said. SPI, a subsidiary of the Rockefeller Foundation, was established in 2015 to develop and scale sustainable models to accelerate electricity access and spur economic development amongst the rural underserved communities. * * * * * * ICICI Home Finance launches affordable housing loan * ICICI Home Finance (ICICI HFC) has launched an affordable housing loan aimed to fund homes in urban and rural areas. The product named Saral, is developed for women, lower, middle income customers and economically weaker sections having maximum household income up to Rs 6 lakh annually, a release said. Loans are available at an interest rate starting from 7.98 per cent onwards and a maximum tenure of 20 years. To encourage more women homeowners, the loan requires a mandatory woman ownership in rural areas of the country for household income of Rs 3 lakh to Rs 6 lakh.