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BFD Expert Voices - Climate Deals

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Husk Power, a startup building clean energy minigrids in India and Africa, is raising $400 million in equity and debt.

Why it matters: Minigrids could bring clean electricity to hundreds of millions of people more efficiently and at a lower cost than the power grid.

Zoom in: Husk Power says it doubled its revenue, the number of installed minigrids and staff last year. The company did not reveal the size of the fundraising but Bloomberg reports that it was $400 million, a total confirmed by Axios.

The company is expecting a similar growth rate in 2025.

Catch up quick: Husk raised a $100 million Series D round in 2023 in equity and debt.

Equity investors included STOA Infra & Energy, the U.S. International Development Finance Corporation, Proparco, Shell Ventures, Swedfund and FMO.

The debt came from groups including the European Investment Bank and the International Finance Corporation.

In 2023, Husk Power CEO co-founder and CEO Manoj Sinha told Axios that he planned to raise another $500 million to deploy 2,500 minigrids and take the company public in the 2026 and 2027 time frame.

How it works: Husk typically builds minigrids for small and medium-sized businesses using solar, batteries and electrical connections that can power appliances like ceiling fans or TVs.

The company also offers a biomass gasification system that can use rice husks as a feedstock to generate electricity, as well as backup diesel generators.

The intrigue: Large power users in the U.S. are also increasingly interested in off-grid solar and battery projects, driven by the long queues for grid power.

The big picture: Many regional utilities in developing economies are unable to extend centralized power grids to rural users.

The World Bank says solar minigrids could bring clean electricity to half a billion people by 2030.

Husk Power raising $400M for solar minigrids

The company says its revenue and deployments doubled last year.

A solar-powered minigrid project deployed by Husk Power.

A solar-powered minigrid project deployed by Husk Power. Photo: Courtesy of Husk Power

Husk Power, a startup building clean energy minigrids in India and Africa, is raising $400 million in equity and debt.Why it matters: Minigrids could bring clean electricity to hundreds of millions of people more efficiently and at a lower cost than the power grid.

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Husk Power raising $400M for solar minigrids

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