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April 05, 2013

Fullerton Brings Renewable Energy - Plus Lamps, Stoves and Hope - to Rural India



Mumbai-based Fullerton India Credit Company Ltd.—a wholly owned division of Singapore-based Fullerton Financial Holdings, which in turn is a subsidiary of Temasek Holdings, an investment company owned by the Government of Singapore— has commissioned a micro hybrid wind turbine to fulfill part of the power requirements of the KG Matriculation & Higher Secondary School at Annur, Tamil Nadu.

This wind turbine of 600-Watt (W) capacity, along with a 250W solar panel, will help the school run fans and lights during the frequent long power outages in the area. The installation was dedicated to the school by Shantanu Mitra, CEO at Fullerton India.

According to Business Wire India, Mitra commented, "Fullerton India is invested deeply in the development of rural India and its people and is committed to helping the community in advancing their lives and livelihoods, thus improving their incomes and standard of living.”

Fullerton India installed this hybrid wind and solar energy system at the Annur school, as part of its CSR initiative to spread awareness and encourage early adoption of renewable energy usage throughout the community.


Image via Fullerton India

To date, through its network of rural branches, called Gramshakti, in 12,500 villages, the company has promoted the use of green cook stoves, solar lamps, solar mobile chargers and solar home energy systems.

It also provides merchandise loans to rural households who want to purchase any of these products.

The company’s Gramshakti mission is to cover the “last mile” between its branches, where financial services are available, and its customers’ homes or places of business. The company believes, “Making quality financial services available at the doorstep of the customer is financial inclusion in the truest sense. Our Gramshakti network ... [facilitates] financial inclusion of the under-served and un-served segments of our rural markets.”

In addition, Fullerton India is has renewable energy plans for its own in-country operations.  Two of its rural Gramshakti branches run completely on wind and solar energy. The company now proposes to rapidly go green at more of its 360 branches in India.


Edited by Braden Becker

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