Clean energy tech startup, Husk Power Systems, has acquired $103 million in its Series D funding round — $43 million in equity and $60 million in debt financing.
The investment, the largest-ever raise of its kind in the mini-grid industry, will enable Husk launch 500 solar mini-grids in Nigeria and expand its operations in Sub-Saharan Africa and South Asia.
Several investors who participated in the equity round include FMO, Swedfund, Proparco, Shell Ventures, the US International Development Finance Corporation (DFC) and STOA Infra & Energy while financial organisations, such as the European Investment Bank (EIB) and the International Finance Corporation (IFC) provided debt financing.
The expansion involves the energy shift from fossil fuels to renewable sources.
Husk says it has evolved into an integrated platform that provides several climate-resilient and low-carbon energy services, moving from a pure-play mini-grid operator.
These climate-resilient and low-carbon energy services include turnkey commercial and industrial (C&I) rooftop solar, energy-efficient appliance sales and financing, e-mobility, agro-processing, and cold storage.
CEO and co-founder Manoj Sinha said the company has launched over 200 mini-grids in Nigeria and India.The clean-tech has also recently announced plans to install 500 solar mini-grids in Nigeria within the next five years.
Husk Power claims to have served over 10,000 micro, small, and medium-sized enterprises (MSMEs) and prevented 25,000 tonnes of carbon dioxide emissions through its mini-grids.
It also plans to serve 300,000 additional connections over the next five years by expanding its fleet and avoiding 350,000 tonnes of carbon dioxide emissions.
According to the company it intends to use the new funds to assess growth in several markets in the coming years, such as the Democratic Republic of the Congo (DRC), Zambia,and Madagascar.
Philips Babatunde