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Thu 21 Nov 2019 12:08 PM

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Dubai entrepreneurs launch platform to promote renewables investment

Distributed Energy has already delivered 5MW of energy to a range of companies in Southern Asia and Africa

Dubai entrepreneurs launch platform to promote renewables investment

Mathew Mazhuvanchery, Co-Founder, Distributed Energy.

A platform has been launched by renewable energy aggregator Distributed Energy allowing renewable projects to connect with investors.

Distributed Energy, which has already delivered 5MW of energy to a range of companies in Southern Asia and Africa, has been co-founded by Dubai-based entrepreneurs Mathew Mazhuvanchery, Ruchir Punjabi and Sudhakar Kadavasal.

Mazhuvanchery said: “We have one of the most refined supply chains in solar energy. However, access to capital for companies is limited. We believe that the platform, by opening up a new, reliable channel for investors, will help unlock capital and thus accelerate the deployment of renewable energy across the region.”

The platform also received $1.4 million in funding from Ramez Naam, co-chairman of Energy and Environment at Singularity University, through an AngelList Syndicate and from Mount Meru Group, a leading African business conglomerate.

Naam said: “We have seen the platform model work well in distributed solar in other parts of the world. There’s a huge opportunity to bring the same solar model to commercial and industrial customers in the Middle East and Africa region, saving customers money, and earning a return for project backers.”

The platform plans to push for projects with standardised design and using certified engineers and equipment. After the project starts generating power, it will also manage the distribution of returns, which are projected to be in excess 16 percent over the length of the power purchase agreement.

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