Colorado-based renewable energy company Husk Power has recently garnered more than $100 million in equity and debt funding to expand its community solar mini-grids in rural sub-Saharan Africa and South Asia. Out of this impressive funding round, $43 million has been raised through Series D funding, marking the largest equity raise in the minigrid industry to date, according to the company.
This substantial equity funding includes contributions from a range of investors, both new and existing. Notable new investors include STOA Infra & Energy, the US International Development Finance Corporation (DFC), and Proparco, while existing supporters such as Shell Ventures, Swedfund, and FMO have also contributed to this milestone investment.
Husk Power has further bolstered its financial backing with a $60 million debt portion secured from various financial institutions. Among these institutions are the European Investment Bank and the International Finance Corporation, adding significant momentum to the company's expansion plans.
Over the next five years, this newly acquired funding will be deployed to expand Husk's mini-grid fleet eightfold, adding more than 1,400 new mini-grids to serve underserved communities. This expansion is expected to result in nearly 300,000 new connections, with a significant proportion dedicated to serving small and medium enterprises (SMEs).
In a statement regarding this milestone achievement, Manoj Sinha, co-founder and CEO at Husk Power, expressed the company's commitment to making a lasting impact: “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.”
