USAID Supports Follow-on Financing for Rural Electrification in India
With support from USAID’s Private Financing Advisory Network-Asia, ONergy (Punam Energy Pvt. Ltd.) in India recently secured an additional $100,000 USD equity investment from Rianta Capital, an impact investment firm. ONergy is one of India’s leading social enterprises, providing decentralized energy solutions to underserved households and institutions in rural parts of India. The company was admitted to the PFAN-Asia program through the AFCEF-4 Business Plan Competition, which provided business planning and related investment-preparation services. The company was selected as a finalist in the competition and invited to present to investors at the AFCEF-4 Investment Forum. After the conclusion of the AFCEF-4 event, ONergy continued to receive further support from PFAN-Asia in refining its financial model and finalizing a shareholder agreement.