Micro Grid Power Global reported selling 24% of its debt issuance via a subscription which launched one month ago. According to the information disclosed, twelve subscribers ponied up $122,000 out of the $500,000 the company expected to raise. The offering has been structured to remain open until an additional $378,000 worth of securities is subscribed in full. This is the first debt financing done by the company under a registration exemption.
The company, which does business as Mera Gao Power (MGP), builds and operates solar powered micro grids in rural, off-grid villages in Uttar Pradesh in Northern India. MGP’s micro grids were custom designed around its customers’ priority demands of lighting and mobile phone charging. By focusing on priority services, MGP was able to develop the first “lighting utility”, India’s lowest cost and first un-subsidized, commercially viable micro grid. At the end of 2012, MGP was serving over 3,500 customers across 137 villages of Uttar Pradesh.
The company, headquartered in Hansapoint Singapore, was registered in 2012. Micro Grid Power Global kept its revenues undisclosed. The board of directors includes Brian Shaad and Nikhil Jaisinghani.
Status: First close
Company: Micro Grid Power Global
Industry: Electric Utilities
Amount offered: $500,000
Amount placed: $122,000
First sale: 01-20-2014
Data as of: 03-14-2014