Husk Power Systems (Husk), a solar minigrid operator that serves Asia and Africa, announced this week that it had closed $43 million in Series D funding, the largest-ever equity raise in the minigrid industry. In addition, Husk has secured $60 million in debt from several finance institutions, including the European Investment Bank (EIB) and the International Finance Corporation. (IFC).
The equity investors include STOA Infra & Energy, the US International Development Finance Corporation (DFC), Proparco, and existing investors Shell Ventures, Swedfund and FMO.
Husk stated it would use the new funding to grow its fleet eight times by adding more than 1,400 new minigrids with a projected 300,000 new connections (one-third of them MSMEs) while avoiding 350,000 tonnes of CO2 over the next five years. Husk also plans to add 2,500 more employees while expanding into new markets in Africa and Asia.
Since raising $25 million in equity funding in 2018, Husk has grown its fleet 20-fold to more than 200 solar hybrid minigrids across two continents, impacted 500,000 people, and served more than 10,000 micro, small and medium enterprises (MSMEs). It became the first minigrid company to become EBITDA positive in Q4 2022, and has built a team of more than 500 employees.
Founded in 2008, Husk Power Systems owns and operates the largest ﬂeet of community solar minigrids across Asia and Africa. Under its Africa Sunshot initiative, the company aims to mobilize at least $500 million to scale to 2,500 minigrids in six countries within five years. Two-thirds of the newly announced financing will go toward Sub-Saharan Africa.
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