Husk Power Systems

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.

Bihar-based Husk Power Systems will use $6 million of newly acquired funds to build solar hybrid microgrids in 80 communities in rural India. The renewables services provider already owns and operates more than 120 microgrids in India.

The Bihar-based rural clean energy services provider has received US$4 million from India Renewable Energy Development Agency (IREDA) to construct 140 microgrids in the states of Uttar Pradesh and Bihar.

Bihar-based Husk Power Systems—which operates more than 100 mini-grids in India and Africa—recorded a 90% year-on-year growth in revenues and quadrupled business customers to 5000+. It expects the growth momentum to continue in 2021, with a 125% rise in revenues. 

Husk Power Systems Co-Founder and CEO Manoj Sinha speaks to pv magazine about the hybrid mini-grid systems that the company is going to install in India and Tanzania. Sinha also discusses battery technology and Husk’s contributions to India’s 100% electricity plan.