Husk Power secures $103m for solar mini-grids in Africa
Husk Power Systems, a clean energy company that has been at the forefront of rural electrification since 2008 and recently announced ambitious plans to deploy 500 solar mini-grids in Nigeria over the next five years, has secured a substantial Series D funding round, raising a total of $103 million in equity and debt to support its objectives.
This funding includes $43 million in equity and an additional $60 million secured through debt financing. For Husk Power, this substantial investment solidifies its position as a leader in electrifying rural communities across Sub-Saharan Africa and South Asia.
The equity investment saw participation from new investors, including STOA Infra & Energy, the US International Development Finance Corporation (DFC), Proparco, and existing investors such as Shell Ventures, Swedfund, and FMO. Various financial institutions, including the IFC and EIB provided the debt component.
Points clés à retenir
Sub-Saharan Africa accounts for 75% of the global population without access to renewable energy solutions and electricity. Countries like South Sudan, Burundi, Chad, Malawi, Burkina Faso, Madagascar, and Tanzania are among the least electrified nations globally, presenting an opportunity for clean energy solutions like solar and wind. Mini-grids have the potential to provide clean energy to around half a billion people by the end of this decade, including those who rely on overburdened grids. With the significant fundraising, Husk Power is poised to assess potential expansion into some of these underserved markets over the next few years. This expansion could include countries such as the Democratic Republic of Congo (DRC), Zambia, and Madagascar. Thus far, the company has successfully deployed over 200 mini-grids in Nigeria and India, furthering its mission to bring sustainable and affordable electricity to communities in need.
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