Overcoming Barriers to Address Energy Poverty

Today, approximately 1.2 billion people in the world lack access to electricity. A further 1 billion people are connected to the grid but suffer from unreliable electricity levels. With a mission of bringing power to the energy poor, SkyPower is focused on the development of utility-scale solar photovoltaic (PV) energy projects to provide green, clean, and affordable electricity to developing and emerging nations around the world.

SkyPower considers the greatest challenge to the widespread proliferation of solar energy to be the cost of capital in non-OECD countries. For example, according to a study by the Climate Policy Initiative, high interest rates and relatively short-term loans for large-scale renewable energy projects in India add 24–32 percent to the cost of renewable energy in that country, when compared to similar projects developed in the United States and Europe. The premiums in other less industrialized countries are even greater.

The reality is that the high cost of capital in developing and emerging countries means an individual living in a developing nation is forced to pay substantially more for electricity – when it eventually arrives – than a person living in the developed world.

Bringing power to the people

“Our efforts continue in emerging markets by dedicating tremendous resources to seek out lower cost of capital, allowing us to focus on new power, not replacement power. That is where we can make the biggest impact,” asserts SkyPower President and Chief Executive Officer, Kerry Adler.

SkyPower is exploring ways with sovereigns, financial institutions, investors, and other stakeholders to utilize available sources of low-cost capital, such as green bonds, as well as to develop innovative approaches to project financing that significantly mitigate the risks that are inherent in the development, construction, and operation of clean energy projects in the developing world.

Advancing 13 of the 17 Sustainable Development Goals

In addition to propelling improvements in the standards of living in developing countries, solar energy is a key tool to addressing climate change by providing an alternative to a fossil energy future. Our solar PV energy projects not only support the reduction of carbon emissions, but also reduce other environmental impacts associated with the use of fossil fuels. SkyPower’s unified global solar energy development strategy directly or indirectly contributes to 13 of the 17 United Nations Sustainable Development Goals (SDGs), most notably SDG 7: Ensuring access to affordable, reliable, sustainable, and modern energy for all.

Giving back to communities

Our innovative and unique corporate social responsibility (CSR) programs bring meaningful social value and immediate impact to the local communities where we do business. SkyPower’s dedicated CSR team works diligently to engage local communities and develop sustainable CSR programs that provide energy access through solar light distribution, education, skills training, and local economic development – helping empower the most vulnerable members of society.

Educating the next generation

At SkyPower, we believe in the importance of education for poverty reduction and spurring economic growth. We know that access to affordable, clean power is critical for empowering youth to develop the skills they need to contribute to a brighter future for their communities. To this end, our renewable-energy scholarship programs advance research and technical knowledge-development at the university level, while our green-energy educational initiatives promote environmental literacy in schools and create awareness among students about future careers in the solar industry.

An end to energy poverty in sight?

As a leader in international solar energy development dedicated to advancing the socioeconomic benefits of sustainable energy for all, SkyPower is committed to distributing solar-powered home kits, desk lamps, and streetlights to communities around the world with no access to electricity. We invite and encourage nongovernmental organizations and other caring corporations to join us in making a difference for families in these energy-poor communities worldwide and to help them break the cycle of poverty.

The international SkyPower team works under the unified objective of producing hundreds of millions of kilowatt hours of clean electricity each year, giving people, communities, and nations the power to grow. It goes without saying that sustainable development is at the very core of our business. As dedicated proponents of sustainability, the SkyPower team and its international stakeholders work every day to advance the development of renewables on a global scale – generating a brighter future for all.