- Husk Power announced plans to launch 500 solar mini-grids in Nigeria over the next five years.
- Sub-Saharan Africa accounts for 75% of the world’s population without access to renewable energy solutions and electricity.
Husk Power Systems has raised $103 million Series D in equity and debt to meet its objectives. The capital injection includes $43 million in equity, which the firm describes as the largest-ever raise in the mini-grid industry. It also includes a $60 million debt financing. New investors STOA Infra & Energy, the US International Development Finance Corporation (DFC) and Proparco, and existing investors Shell Ventures, Swedfund and FMO participated in the equity deal. On the other hand, several finance institutions, including the International Finance Corporation (IFC) and the European Investment Bank (EIB), provided the debt component.
In a statement, the firm said the investment strengthens its position as the leader in electrifying communities in rural Sub-Saharan Africa and South Asia with an AI-enabled platform of renewable energy services. According to the World Bank, mini-grids can provide half a billion people with clean energy by the end of this decade (including those using overburdened grids) with the right policies in place. Mini-grids also provide cleaner and cheaper energy alternatives that could transform the lives of millions living in darkness.
Sub-Saharan Africa accounts for 75 per cent of the world’s population without access to renewable energy solutions and electricity. Countries like South Sudan, Burundi, Chad, Malawi, Burkina Faso, Madagascar and Tanzania are among some of the least electrified countries in the world. They could benefit from clean energy from solar or wind.
Buoyed by this new capital, the cleantech will look to evaluate expansion into some of these markets over the next couple of years. This includes the Democratic Republic of Congo (DRC), Zambia and Madagascar. So far, it has deployed over 200 mini-grids in Nigeria and India, according to co-founder and CEO Manoj Sinha. Husk Power is a clean energy company at the forefront of fueling rural electrification since 2008. It has announced plans to launch 500 solar mini-grids in Nigeria over the next five years.