Bangladesh's Nobel laureate Muhammad Yunus has been honoured with the SolarWorld Einstein Award for 2010 for initiating generation and distribution of solar energy in his country.

Yunus received the award in Valencia, Spain, in recognition of the work done by 'Grameen Shakti', a company he founded in 1996.

Grameen Shakti has brought electricity to more than 400,000 rural homes by installing small solar home systems (SHS).

Thousands of women have been trained in the installation and maintenance of these SHS, giving them an opportunity to earn money.

Grameen Shakti currently installs over 1,000 SHS per day and hopes to reach a total of one million solar power systems installed by next year. It also installs biogas plants and improved cooking stoves in the villages, The Daily Star reported.

'Prof Yunus stands for new thinking in economics and banking. He has recognised the potential of the poorest of this world who manage to make a decent living on the basis of a small starting credit, a lot of creativity and the sun as the source of energy. This is more than exemplary,' said Dr Ing H.C. Frank Asbeck, chairman and chief executive officer of SolarWorld AG.

Muhammad Yunus, an economist, was awarded the 2006 Nobel Peace Prize, along with Grameen Bank, for their efforts to create economic and social development in Bangladesh.