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					</table><p><a href="https://huskpowersystems.com/" target="_blank" rel="noopener">Husk Power</a> Systems, which operates solar-hybrid microgrids across rural Asia and Africa, has signed a debt facility of $6 million from the EU- funded Electrification Financing Initiative (<a href="https://www.electrifi.eu/" target="_blank" rel="noopener">EDFI ElectriFI</a>).</p>
<p>The funding will be used to implement 80 solar microgrids that will electrify 80 communities in India, benefitting an estimated 60,000 people and connecting nearly 10,000 new customers. The new microgrids will displace a significant amount of diesel generators, avoiding the equivalent of 11,640 tons of CO2 emissions.</p>
<p>The long-term $6 million debt financing is one of the largest investments in the microgrid industry by EDFI ElectriFI.</p>
<p>Besides providing electricity to the communities, Husk&#8217;s platform will also address the rural energy ecosystem, offering access to productive and lifestyle appliances.</p>
<p>This investment complements Husk&#8217;s largest-ever local currency debt financing in the microgrid industry from the India Renewable Energy Development Agency (IREDA), <a href="https://mercomindia.com/husk-power-secures-debt-financing/" target="_blank" rel="noopener">announced</a> earlier this year. Husk Power already had about 150 net-zero microgrids in operation in India.</p>
<p>&#8220;The EDFI ElectriFI debt will enable Husk to become EBITDA positive before the end of 2022 and demonstrates our increased ability to absorb larger amounts of long-term, low-cost debt, which is necessary to scale microgrids profitably. More importantly, we will be achieving a net zero, broad-based economic impact on businesses and households in rural India, and help MSMEs double their income through reduced energy costs,&#8221; said Manoj Sinha, co-founder and CEO of Husk Power.</p>
<p>&#8220;Mini-grids are at the heart of EDFI ElectriFI&#8217;s strategy. We have been following Husk&#8217;s progress in the last years with attention and are very pleased to add this leading developer to our portfolio. The new facility will enable the company to reach the next stage of growth, achieve profitability and create long-term impact in rural India,&#8221; said Corentin Billiet, ElectriFI Senior Investment Officer, EDFI Management Company.</p>
<p>Husk Power was <a href="https://mercomindia.com/mercom-india-solar-awards-2022/" target="_blank" rel="noopener">declared</a> the winner in the &#8216;best off-grid project category&#8217; in Mercom India Awards 2022, announced during the Mercom India Solar Summit 2022. Husk Power&#8217;s solar hybrid microgrid in Aurai village, one of more than 120 net-zero microgrids owned and operated by the company in rural North and  East India, provides clean and reliable energy to the village community.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/vijayalakshmi-sridhar/" class="vcard author" rel="author"><span class="fn">Vijayalakshmi Sridhar</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/New-Project-6.jpg" width="77" height="102" /> <a href="https://mercomindia.com/author/vijayalakshmi-sridhar/" target="_blank" rel="noopener">Vijayalakshmi</a> is a staff reporter at MercomIndia.com. She has two decades of experience as an independent journalist and features writer, and her work is featured across various publications and genres such as business, food, and clean energy. <a href="https://mercomindia.com/author/vijayalakshmi-sridhar/" target="_blank" rel="noopener">More articles from Vijayalakshmi</a>.</p>
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Husk Power Secures $6 Million Debt Facility to Implement Solar Microgrids

<p><a href="https://huskpowersystems.com/" target="_blank" rel="noopener">Husk Power Systems</a>, a renewable energy company working towards rural electrification, announced that it has secured ₹310 million (~$4.2 million) in debt financing from the Indian Renewable Energy Development Agency (IREDA).</p>
<p>IREDA is a state-owned non-banking financial institution under the administrative control of the Ministry of New and Renewable Energy that promotes, develops, and extends financial support to renewable energy projects.</p>
<p>In addition to the IREDA loan, the company expects to raise another $18 million in debt in 2022 to accelerate project deployment while initiating a Series D equity raise in the first quarter.</p>
<p>The company will use the loan to finance 140 microgrids in Uttar Pradesh and Bihar. The IREDA loan to Husk represents one of India&#8217;s biggest debt financings for rural microgrids to date.</p>
<p>Husk Power said it had built a robust project pipeline in India and Africa and expects to have around 1,300 grids in operation by 2025 across multiple markets.</p>
<p>Manoj Sinha, Chief Executive Officer and Co-Founder of Husk Power Systems said, “The IREDA financing demonstrates the Government of India’s vision in making microgrids an integral part of its net-zero goal put forward at COP26. The IREDA funding will give Husk a much-needed boost to achieve our target of expanding our microgrid fleet ten times by 2025.”</p>
<p>Husk Power signed Energy Compact with the United Nations on January 26, 2022, committing to install 5,000 microgrids with one million connections by 2030 in India, Nigeria, and other countries in South Asia and Sub-Saharan Africa. This was in line with the company’s targets set at COP26 to scale the rural energy economy and mini grids in sub-Saharan Africa and South Asia by 2030.</p>
<p>Energy Compacts are voluntary commitments from United Nations member states and non-state entities, such as companies, regional and local governments, NGOs, and others. These stakeholders commit to an Energy Compact that includes specific actions to support progress on SDG7 (one of the 17 Sustainable Development Goals established by the United Nations General Assembly in 2015).</p>
<p>Last month, the Cabinet Committee on Economic Affairs <a href="https://mercomindia.com/center-%e2%82%b915-billion-ireda-boost-lending-renewable-sector/" target="_blank" rel="noopener">approved</a> the equity infusion of ₹15 billion (~$201.27 million) in IREDA. The additional equity infusion would help IREDA lend ₹120 billion (~$1.61 billion) to the renewable energy sector, facilitating the debt requirement for an additional 3.5 GW – 4 GW capacity.</p>
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<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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Husk Power Secures ₹310 Million in Debt Financing to Expand Solar Microgrids

<p>Husk Power Systems, a renewable utility company working towards rural electrification, has received an equity investment worth $20 million to expand the renewable mini-grid business in Africa and Asia.</p>
<p><a href="http://www.huskpowersystems.com/" target="_blank" rel="noopener">Husk</a> designs, builds, owns and operates power plant and distribution network in India and Tanzania.</p>
<p>The investment has been provided by three entities: <a href="https://www.shell.com/about-us/what-we-do/new-energies.html" target="_blank" rel="noopener">Shell Technology Ventures</a>, <a href="https://www.swedfund.se/en" target="_blank" rel="noopener">Swedfund International</a> (Swedish development finance institution) and <a href="https://www.engie.com/en/commitments/providing-sustainable-energy-access-for-all/the-rassembleurs-denergies-initiative/solidarity-investment-fund/" target="_blank" rel="noopener">ENGIE</a> Rassembleurs d’Energies, (ENGIE group’s impact investment fund).</p>
<p>With the new investment, Husk endeavors to accelerate its contribution towards the development of an estimated $190 billion mini-grid market leading up to the year 2030.</p>
<p>“Together with our strategic partners, we are now confident of achieving our vision of becoming the world’s largest rural utility company providing 24/7, 100 percent renewable and affordable power to drive inclusive and sustainable development in growth markets“, Manoj Sinha, the co-founder of Husk, said in a media release.</p>
<p>“Access to reliable electricity drives development and is essential for job creation, women empowerment and combating poverty. The private sector plays a central role when electrifying the rural areas of developing countries. We are very pleased to be part of Husk’s expansion, where our long-term capital and extensive experience of evolving sustainable businesses will give multiple effects for the whole society”, Gerth Svensson, the chief executive officer at Swedfund said.</p>
<p>Husk Power Systems was founded in the year 2008 and kickstarted the much-needed rural electrification in the energy deficient state of Bihar through off-grid power generation and distribution solution.</p>
<p>According to Mercom’s <em><a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Project Tracker</a></em>, Bihar currently has 110 MW of installed solar capacity.</p>
<p>Micro grids are a viable option in areas where setting up mega projects is difficult due to topographical and accessibility limitations. Mercom had recently <a href="https://mercomindia.com/63-micro-grids-installed-in-india/" target="_blank" rel="noopener">reported</a> that about 63 solar micro grids totaling 1,899 kWp have been installed in India so far.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/ankita/" class="vcard author" rel="author"><span class="fn">Ankita Rajeshwari</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2018/03/ankita-edited-1.png" alt="Ankita Rajeshwari" /> Ankita is an editor at MercomIndia.com where she writes and edits clean energy news stories and features. With years of experience in the news business, Ankita has a nose for news and an eye for detail. Prior to Mercom, Ankita was associated with The Times of India as a copy editor for the organization’s digital news desk. She holds a Bachelor’s degree in Psychology from Delhi University and a Postgraduate Diploma in journalism. <a href="https://mercomindia.com/author/ankita/">More articles from Ankita Rajeshwari.</a></p>
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Husk Power Systems Receives $20 Million to Expand Mini-Grid Projects in Asia and Africa

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