Barefoot Power receives €1 million European Financial Assistance

Barefoot Power, a Lighting Africa Associate, received €1 million in financial assistance from the European Union via the European Investment Bank in 2010. The grant is supporting a number of initiatives to help more than 2,000,000 households switch from kerosene to more affordable, clean and efficient forms of energy by 2015.

The initiatives include:

• Developing and managing the internal operation of new business software
• Developing formal structures for the aggregation of angel investors
• Supporting revenue generation activities- for example raising angel investor capital and supporting the operation of the Okiocredit-Barefoot Power Trade Finance Fund to finance 2011 shipments
• Incorporating Barefoot Power’s subsidiaries in the India and Pacific region
• Securing the engagement of additional microfinance institutions
• Facilitating increased training of entrepreneurs
• Assisting in further developing Barefoot Power’s carbon initiative