- Iberdrola will invest 10.5 million pesos in the Mexican company Iluméxico, which works to provide lighting and support electrification in Mexico’s rural areas.
- This is an impact investment that falls within the scope of the Electricity for All Programme, created to promote access to electricity in developing and less developed countries.
- Through this initiative, Iberdrola will be helping to provide electricity to more than 250,000 people, in line with United Nations Sustainable Development Goal number 7.
Iberdrola has invested some 10.5 million pesos (500,000 Euros) in the Mexican company Iluméxico, in order to support electrification in rural areas where there is no electrical power supply.
Iluméxico, which is based in Mexico and was created in 2009, carries out lighting and electrification programmes for homes, schools and clinics, in addition to providing training in the country’s rural areas. To date, they have installed 9,700 solar systems, benefiting more than 40,000 people and saving 5,000 tonnes of CO2 emissions. Their young management team has appeared on Forbes’ list of Under-30 entrepreneurs, and they work actively to fight poverty through electricity.
This investment is a very significant contribution to the effort to reduce the number of people without access to electricity. Approximately 250,000 people will be benefited by this initiative in the coming years.
This project falls within the wider scope of Iberdrola’s Electricity for All Programme, which was created to promote access to electricity in developing and less developed countries. The Programme is focused on carrying out economically sustainable electrification projects, taking advantage of the Group’s technical, logistical, organisational and financial capabilities, and aims to benefit 4 million people by 2020. To date, Iberdrola has already provided electrical power to more than 2.5 million people in underprivileged areas through this programme. With actions such as these, Iberdrola contributes to United Nations Sustainable Development Goal number 7.
The Electricity for All initiative came about in response to a call from the international community of governments, businesses and civil society to combine efforts to extend access to modern forms of energy across the globe, with supply models that are environmentally sustainable, economically affordable and socially inclusive. Today, it is estimated that there are more than a billion people who do not have access to essential power services, which has a demonstrated negative impact on their quality of life and their opportunities for development.
The company’s participation is conducted through Iberdrola Ventures – Perseo, Iberdrola’s corporate risk capital programme. This is Perseo’s second investment in projects of high social impact. Iberdrola also participates in the start-up SunFunder, which has developed a financing platform that allows financial and corporate investors the opportunity to participate in a diversified “impact” portfolio, funding off-grid solar projects in less developed countries in Africa and Asia. SunFunder has funded projects with leading companies in the off-grid solar market, such as BBOXX and OffGrid Electric, with an impact on more than two million people’s lives.