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Husk Power secures additional USD four mln to expand solar minigrids

Tuesday, 16 Apr 2024
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Husk Power has secured an additional funding of USD four million (over Rs 33 crore) from Europe-based ElectriFI and the company will use the proceeds to expand its solar-hybrid minigrids segment in India. With this, ElectriFI's total investment in the domestic solar company stands at USD 10 million after lending USD six million in September 2022.

ElectriFI, the EU-funded impact investment facility managed by EDFI Management Company had made an initial investment which provided Husk with essential capital, and attracted further significant investment. Husk has delivered clean electricity to households, micro, small and medium-sized enterprises (MSMEs) and factories in rural areas without grid connection, or where the grid does not provide reliable electricity. Husk also delivers a range of other products and services, including e-commerce and credit-financing of appliances for home and commercial use, solutions for e-mobility and the agricultural value chain.

Husk’s AI-powered energy platform, centered around community solar minigrids, provides 24/7 renewable power to households, commercial customers, and small factories through its effective business model. In total, the USD 10 million from EDFI MC is an important enabler for Husk to scale its minigrid footprint in India, and this additional investment will empower the company to create a lasting positive impact on rural India with expanded reach.

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