- Husk Power expects to close $100 million in equity and debt capital later this year as a first major step toward achieving the mini-grid project.
- The firm targets 2,500 mini-grids in operation and doubled the previous target for Nigeria to 1,000 mini-grids.
Husk Power, an energy company, has launched the ‘Africa Sunshot initiative’ to mobilise $500 million over five years to scale the mini-grid industry in rural Sub-Saharan Africa rapidly. In a statement, the firm said it targets having 2,500 mini-grids in operation under the initiative. It noted that it has doubled its previous target for Nigeria to 1,000 mini-grids.
The statement read in part, “Husk also plans to have 500 mini-grids in the Democratic Republic of Congo (DRC) and 250 each in four additional countries. Husk expects to close a total of $100 million in equity and debt capital later this year as a first major step toward achieving the Sunshot.”
The Co-founder and CEO of Husk, Manoj Sinha, stated that meeting the targets of the Africa Sunshot would require operational excellence from Husk. In addition, the project needs the active support of governments to establish the right policies that integrate mini-grids as a central component of national electrification and energy transition plans.
He added, “Finally, all investors, including development finance institutions, infrastructure funds, and commercial debt providers, must provide the appropriate quantum, tenure and cost of capital to meet these accelerated timelines.”
On his part, Husk’s Nigeria Country Director, Olu Aruike, said, “Now is the time to support a 10-fold increase in the mini-grid industry and supercharge low carbon and climate resilient growth in rural Africa. We’re already doing it at scale today in Nigeria, the world’s largest off-grid market and it’s time to roll out that scale across the continent.”