Climate Changed
Facebook, Microsoft Helping to Finance Green Power Microgrids
- Partners seek to mobilize $50 million to fund microgrids
- Seeking pilot project pitches this summer to finance in 2018
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Facebook Inc., Microsoft Corp. and venture capitalists at Allotrope Partners set up a facility to finance energy access projects in Indonesia, India and East Africa.
The Microgrid Investment Accelerator, or MIA, will seek to mobilize $50 million from 2018 to 2020, according to an emailed statement. 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.