Husk Power secures $20 million in debt financing from European Investment Bank


Solar minigrid operator Husk Power Systems (Husk) announced this week that it has obtained $20 million in debt financing from the European Investment Bank (EIB) to scale its operations in Nigeria. The company claims that this is the first time that a minigrid company has accessed corporate-level debt, and also the single largest debt financing for minigrids in Sub-Saharan Africa.

Husk stated it will use the investment for construction of community solar minigrids in Nigeria, installation of rooftop solar for commercial & industrial (C&I) customers, expansion of appliance sales to households and small businesses, and the scaling of value-added services such as agro-processing and e-mobility.

Currently, Husk has more than 20 minigrids operational in Nigeria, and targets at least 500 minigrids in the country within the next five years. Nigeria is the world’s largest off-grid market, with about 90 million people still living without access to electricity and a massive dependence on expensive and polluting diesel generation.

The EIB financing is part of a $100 million Series D announced by Husk in October 2023.

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