Husk Power Systems secures USD 20M EIB financing

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.