Husk Power Raises $103M for World's Biggest Mini-Grid Expansion
- Husk Power Systems raises $103 million to expand their award-winning mini-grids to India, Nigeria, DRC, and other African countries. Solar and battery mini-grids will bring affordable, reliable power to households and small businesses. STOA Infra & Energy SAS leads investment round.
Husk Power Systems, a Patna, India-based company and owner of the world’s largest number of mini-grids, announced that it has raised $103 million in debt and equity for expansion. The funds will allow them to increase their number of grid operations from 200 to over 1,500 in the next four years. Their mini-grids mainly use solar power and batteries to power households and small businesses in areas with no grid connections or an erratic power supply. The expansion will cover India, Nigeria, the Democratic Republic of Congo and two other African countries. Lead investor in the round is France’s STOA Infra & Energy SAS, with other investors including the US International Development Finance Corp. and Proparco. They plan to use the money to install 2,500 mini-grids across six countries in Africa within five years at a cost of $500 million. They may seek additional capital in the next 18-24 months, and possibly look into an IPO in 3-4 years.
How Will Husk Power Systems Expand With $103M?
- Husk Power Systems plans to use the $103 million to install over 1,500 mini-grids in India, Nigeria, the Democratic Republic of Congo and two other African countries.
- The mini-grids will mainly use solar power and batteries to power households and small businesses in areas without electricity access.
- They plan to install 2,500 mini-grids across six countries in Africa within five years at a cost of $500 million.
- The lead investor in the round is France’s STOA Infra & Energy SAS, with other investors including the US International Development Finance Corp. and Proparco.
- The company may seek additional capital in the next 18-24 months, and possibly look into an IPO in 3-4 years.
- The expansion will help provide electricity access to thousands of individuals and businesses in underserved areas.