Husk Power Systems, a minigrid company, has secured USD 20 million in debt financing from the European Investment Bank (EIB) to expand operations in Nigeria. This marks the first corporate-level debt for a minigrid company and the largest debt financing for minigrids in Sub-Saharan Africa. The investment will fund solar minigrids for communities, rooftop solar for businesses, and appliance sales for households. Husk aims to have 500 minigrids in Nigeria within 5 years, addressing the country’s vast electrification needs. With 90 million Nigerians lacking electricity, this move signifies a shift away from expensive and polluting diesel generators. The EIB funding is part of Husk’s USD 100 million Series D round announced in October 2023.
Husk Power Systems secures USD 20M EIB financing
Husk Power Systems finalizes USD 20 million financing with European Investment Bank (EIB) to expand operations in Nigeria. (Image Credit: Pexels)
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