Solar Product Loans
MiCrédito is providing environmentally friendly energy for rural clients living without electricity.
MiCrédito has received international attention for its newest initiative which seeks to provide affordable, environmentally friendly energy for rural clients living without electricity. As electrical infrastructure is limited within Nicaragua, numerous rural families find themselves living, working and studying by candle light or kerosene lamps. Teustepe, a small rural village in the municipality of Boaco in the center of Nicaragua, faces these challenges. Working out of its local branch, MiCrédito is offering clients access to energy through financing small solar panels through local Nicaraguan green energy providers.
MiCrédito has partnered with Global Partnerships, a non-profit impact investor from Seattle, USA, experienced in working with green energy suppliers and micro-finance institutions to meet the energy needs of the rural poor. Global Partnerships is providing steadfast project support and technical assistance throughout the lifetime of the project, including relationship management support with MiCrédito’s chosen local green energy suppliers, TecnoSol and NicaSolar.
As a new initiative, MiCrédito has already seen a demand for this product. In Teustepe, MiCrédito has worked with TecnoSol and NicaSolar to hold fairs in the village center to demonstrate and educate clients on their energy options and access to financing. The majority of clients are lighting their homes and businesses with kerosene and are excited about the opportunity to afford a small solar panel that will provide them with a stronger light to be used in the evenings. Solar electricity also provides a safer option for clients, as kerosene exposes clients to burns, potentially dangerous unburned fuel and air pollution. MiCrédito and Global Partnerships are working to provide rural clients with better energy alternatives through sources that are more efficient, safe and cost-effective.