Colorado-based mini-grid specialist Husk Power has secured more than US$100 million in equity and debt funding aimed to grow its community solar mini-grids in rural sub-Saharan Africa and South Asia.
Out of the more than US$100 million raised, US$43 million are from a Series D funding, the largest equity raise in the minigrid industry, according to the company. 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.
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The other part was secured through a US$60 million debt from several financial institutions, among them the European Investment Bank and the International Finance Corporation.
Over the next five years, the funds will be used to grow Husk’s fleet by eightfold and add more than 1,400 new mini-grids and nearly 300,000 new connections, a third of which for small and medium enterprises.
Manoj Sinha, co-founder and CEO at Husk Power, 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.”
Moreover, the company will work towards adding 2,500 employees and expanding into new markets in Africa and Asia.
PV Tech Premium spoke earlier this year with Sinha on the company reaching profitability and helping the mini-grid industry scale up.