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Husk Power Secures INR 100 Million to Develop Mini-Grid Projects in Africa and Asia

The equity funding includes new investors STOA Infra & Energy, the US International Development Finance Corporation (DFC) and Proparco, as well as existing investors Shell Ventures, Swedfund and FMO.

October 25, 2023. By Anurima Mondal

Husk Power Systems has closed USD 43 million in Series D funding, the largest-ever equity raise in the mini-grid industry. The funding cements Husk’s position as the leader in electrifying communities in rural Sub-Saharan Africa and South Asia with an AI-enabled platform of renewable energy services.

The equity funding includes new investors STOA Infra & Energy, the US International Development Finance Corporation (DFC) and Proparco, as well as existing investors Shell Ventures, Swedfund and FMO.

In addition, Husk has leveraged the Series D equity to secure an additional USD 60 million in debt from several finance institutions, including the European Investment Bank (EIB) and the International Finance Corporation (IFC).

Over the next 5 years, the new funding will be used to grow Husk’s fleet 8-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. Husk will also continue to build a world-class team and add 2,500 more employees, while expanding into new markets in Africa and Asia.

The Africa Sunshot initiative, which Husk announced at the Africa Climate Summit in September 2023, will mobilise at least USD 500 million for Husk to scale to 2,500 minigrids in 6 countries within 5 years. Two-thirds of the newly announced financing will go toward Sub-Saharan Africa, marking an important first step to achieving the Africa Sunshot goals.

Talking about the development, Manoj Sinha, Co-Founder and CEO, Husk Power Systems said, “We have successfully created and scaled a rural energy platform that is life-changing for our communities from day one. We’re excited to put this new equity and debt to work to supercharge Husk’s growth and unlock the full economic and social potential for a generation of rural Africans and Asians, especially women and youth, that would otherwise be left behind.”

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Solar PV

Husk Power Systems

Minigrid

renewable electricity

Off-grid

Shell Ventures

Africa Climate Summit

Seed Funding