Husk Power 1st Minigrid Company to Power 100 Neighborhoods, 5000 Micro-Enterprise Customers

• Husk Power has actually achieved two sector firsts: exceeding 100 community minigrids as well as serving greater than 5,000 micro-enterprise clients.

Husk Power Systems, a leading rural power firm operating renewable minigrids in Asia as well as Africa, has actually introduced that it has actually achieved two market firsts: exceeding 100 community minigrids and also serving more than 5,000 micro-enterprise customers.

In spite of the economic decline triggered by the coronavirus pandemic, the firm has demonstrated its durability by accomplishing absolutely no service interruption and also giving emergency financial support to existing and new consumers. As a result, it continued to grow from March to September, seeing a 52 percent boost in consumers in India, while revenue grew by 101 percent throughout the very same duration. Comparable development took place in its African markets.

The 100 minigrids, located in India as well as Tanzania with near-term expansion to added African markets consisting of Nigeria, represent a greater than 10-fold rise from mid-2018. The typical ability of the minigrids is 50 kW, a system size that is significantly larger than the majority of various other country energy service providers as well as able to power multiple efficient tons for a variety of small businesses, consisting of retail shops, factories, farming processing and also freezer, water filtering and also schools, in addition to houses.

Micro-enterprise clients of Husk Power generally have seen a 33 percent rise in profits as soon as linked to the minigrids, according to the company's marketing research.

" We're now able to present at the very least 2 brand-new minigrids per week, one of the fastest development rates in the industry, and there is still significant space for acceleration," said CEO as well as founder Manoj Sinha. "Hitting 100 minigrids is a stepping rock to becoming the first commercially sensible minigrid company on the planet and also to increasing our minigrid fleet to 200 in the following 12 months. This is in line with our vision of getting to 5,000 minigrid sites serving 500,000 micro-enterprise consumers."

Husk Power's quick growth has been supported by its success in raising USD 25 million in equity financing from leading financiers, including FMO, Shell, Swedfund and also ENGIE Rassembleurs d'Energies.

Brad Mattson, chairman of the Husk Power Board of Directors, said "Husk Power is demonstrating what scale resembles for the minigrid market, setting the company up for an additional advancement year in 2021, in which we prepare to achieve running productivity."

Rockefeller Foundation's Senior Vice President for Power & Climate, Ashvin Dayal included "Even in this time of global dilemma and also an across the country lockdown to regulate the spread of COVID-19, Husk Power Systems has actually had the ability to provide risk-free, dependable electricity for houses, businesses as well as vital services throughout rural India. We are proud to support their initiatives with our Smart Power India campaign, and I applaud the whole group for reaching this vital turning point in their work to power lives as well as resources."

In October, we had actually reported that the Bihar-based next-generation power business had actually received an investment of USD 5 million from the Dutch entrepreneurial development financial institution FMO. The USD 5 million financial investment from FMO, which was deployed from its Infrastructure Development Fund, complied with a USD 20 million investment in 2018 by Shell, Swedfund, ENGIE Rassembleurs D'Energies.