The financing package will enable Husk Power Systems to develop and operate up to 108 mini-grid sites in Nigeria.
Husk Power Systems has doubled its fleet of community solar minigrids over the past 12 months. It now owns and operates the world’s largest portfolio of private-sector minigrids.
With its containerized solution Prism, Husk Power Systems is now able to deploy minigrids at a rate of one per day with the same resources.
Nigeria’s Minister for Innovation, Science and Technology has said the country is committed to replicating similar solar module assembling plants across all its geopolitical zones.
Nigeria’s Rural Electrification Agency has partnered Husk Power Systems for inter-connected minigrids and isolated minigrids, rooftop commercial and industrial (C&I) solar, productive use of energy (PUE), and appliance sales and financing.
Husk has secured an additional $4 million in debt financing from ElectriFI, the EU-funded impact investment facility, further building upon ElectriFI’s initial $6 million investment in September 2022.
Husk Power will use the fund for the 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.
Husk Power Systems (Husk) has raised over $100 million in equity and debt to fund its new solar minigrid projects in South Asia and Africa. The company said the new capital would support 1,400 new minigrids, around 300,000 new connections, and avoid 350,000 tonnes of CO2 from the displacement of diesel generation while adding 2,500 new direct jobs.
Bihar-based Husk Power Systems, which serves rural Asia and Africa, became EBITDA positive in the fourth quarter of 2022 in India and Nigeria.
Bihar-based Husk Power Systems has secured $750,000 in debt to build eight new community solar microgrids in Nigeria and expand operations in India.
This website uses cookies to anonymously count visitor numbers. To find out more, please see our Data Protection Policy.
The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.