- Husk power Obtains a $4.2m loan.
- The funding will finance the deployment of 140 micro-grid in India.
The India Renewable Energy Development Agency (IREDA) has provided a loan of INR 310 million (USD 4.2 million) to Husk Power Systems. The loan will enable the off-grid developer to deploy 140 solar microgrids in the Indian states of Bihar and Uttar Pradesh. The loan is being provided via a line of credit from Germany’s KfW Development Bank.
Husk CEO Manoj Sinha noted that the financing shows the Indian government’s vision of making microgrids an integral part of its net-zero goal at COP26. He adds that the funding will enable Husk Power to achieve its targets of expanding its microgrid capacity by 1000% by 2025. Since 2010, Husk power has raised USD 5 million over four rounds of funding. Investors include Shell Ventures, Swedfund International, and France-based venture capital fund Engie Rassembleurs d’Energies. The company deploys off-grid energy systems in rural areas in India and Africa.