New Solar Mini-Grids in Africa to Be Powered by Husk Power Systems’ $103 Million Series D
Husk Power Systems, a clean energy company at the forefront of fueling rural electrification since 2008 and that announced plans to launch 500 solar mini-grids in Nigeria over the next five years, has raised $103 million Series D in equity and debt to meet its objectives.
The capital injection includes $43 million in equity, which Husk Power describes as the largest-ever raise of its kind in the mini-grid industry — and a $60 million debt financing. New investors STOA Infra & Energy, the US International Development Finance Corporation (DFC) and Proparco, and existing investors Shell Ventures, Swedfund and FMO participated in the equity deal. On the other hand, several finance institutions, including the International Finance Corporation (IFC) and the European Investment Bank (EIB), provided the debt component.
Photo courtesy of Oleg Ryaskov, USAID’s Power the Future Activity.