French energy company Engie SA is in talks with Delhi-based Applied Solar Technologies (AST) for a partnership to provide off-grid power to the telecom and banking sectors.
AST’s solar hybrid solution model uses a combination of solar photovoltaic cells, battery back-up and diesel generators to offer round-the-clock electricity to telecom towers and ATMs in a business where downtime penalties are steep.
“Engie is exploring a partnership with AST. The potential for growth in this segment is huge,” said a person aware of the development, requesting anonymity.
AST’s investors include Future Fund, the Australian government’s sovereign wealth fund; Bessemer Venture Partners (BVP); Capricorn Investment Group; and World Bank investment arm International Finance Corp. (IFC). Read More…