Husk Power Systems, a solar microgrid operator has received a loan worth $750,000 from the German Investment Corporation – Deutsche Investitions- und Entwicklungsgesellschaft (DEG). This loan has been taken to support the company’s expansion of operations in India and the construction of eight new community solar microgrids in Nigeria.
The funds came from DEG’s upscaling programme, which is funded in part by the Federal Ministry of Economic Cooperation and Development. This loan has been taken after Husk successfully closed a $10.3 million debt from EDFI-ElectrIFI and IREDA in 2022 to build over 200 microgrids in India.
The company currently operates more than 120 microgrid sites with a total power capacity of 3.6 MW across rural North and East India. This is Husk’s first debt raised for its operations in Nigeria, where the company currently has 12 operational microgrids and plans to build 500 by 2026. The eight microgrids in Nigeria will connect over 500 residential and commercial customers, reduce the number of diesel generators in use by 400, and create approximately 40 new direct local jobs.