Husk Power Systems raises funds to boost clean energy in rural India

New Delhi: Provider of decentralised solar-hybrid minigrids Husk Power Systems on Monday said that it secured an additional $4 million in debt financing from the EU-funded impact investment facility ElectriFI, which is managed by EDFI Management Company (MC).

This new funding builds upon ElectriFI's initial $6 million investment in September 2022.

“As demonstrated by this top-up just 18 months after receiving our first debt, ElectriFI has become an important partner for Husk,” Manoj Sinha, Co-Founder and CEO, Husk Power Systems, said in a statement.

“In total, the $10 million from EDFI MC is an important enabler for Husk to scale its minigrid footprint in India, and achieve an even greater impact on tens of thousands of lives and livelihoods,” he added.

Moreover, the company said that it delivered reliable, clean electricity to remote communities, households, micro, small and medium-sized enterprises (MSMEs) and factories in rural areas without grid connection or where the grid was not providing reliable electricity.

"Our initial investment not only provided Husk with essential capital but also served as a strong validation of their business model, attracting further significant investment," said Rodrigo Madrazo, CEO of EDFI Management Company.

Husk is an award-winning clean energy company serving rural and peri-urban Asia and Sub-Saharan Africa.