In addition, the new JV will work on creating solutions for water pumping or renewable off-grid power generation.
Jean-Pascal Tricoire, president and CEO of Schneider Electric, said: "Grameen Schneider Electric, which was launched on the side lines of Rio+20, will combine the skills for access to energy of Schneider Electric and Grameen Shakti. Our shared strength will allow us to develop sustainable solutions for 1.3 billion people who still lack access to energy."
Professor Muhammad Yunus, founder of Grameen Bank and Nobel Peace prize winner (2006) signed the MoU with Tricoire in Rio de Janeiro, Brazil. The profits generated by selling access to energy solutions will be reused to develop and expand the reach of Grameen Schneider Electric across the country.