Husk Power announced this week it has become the first company to own and operate more than 200 community solar minigrids in Asia and Africa. It also averaged a rollout of 16 minigrids per month.
The two achievements follow closely on Husk’s announcement in January 2023 of being the first minigrid company to achieve corporate profitability.
Husk expects to double its portfolio to 400 minigrids by the end of 2023. “At the same time, Husk’s excellence and know-how in project deployment is being transferred to its operations in Sub-Saharan Africa, including Nigeria, where the company already has 12 sites in operation, with plans for up to 100 by 2023 and 500 by 2026,” stated the company.
In 2022, Husk became the first and only minigrid company to sign a UN Energy Compact, which included a commitment to building 5,000 minigrids by 2030 and displacing 700 million gallons of fuel for diesel generators, which currently dominate economies in Asia and Africa.
According to a Minigrid Industry Roadmap released in 2022, the rate of deployment “may be the most daunting challenge” for the industry, noting that 10 companies with 10 times the current maximum rate of deployment are needed to achieve Sustainable Development Goal 7 (SDG7) – access to modern, affordable, clean, reliable energy for all.
Since 2019, Husk has raised $40 million ($25 million in equity and $15 million in low-cost, long-term debt) and grew 10X despite being hit by Covid and other global market disruptions.
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