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Solar Mini-Grid Giant Aims for $400M Raise
25 Nov
Summary
- Husk Power Systems seeks $400 million capital raise, a record for the industry.
- The company operates 400 mini-grids in India and Nigeria, with expansion plans.
- Husk aims for 2 gigawatts of installations and $150 million in revenue by 2030.
Husk Power Systems, the foremost operator of solar mini-grids globally, has initiated an unprecedented $400 million capital raise. This significant funding effort is geared towards amplifying revenue tenfold by 2030 and preparing for a future initial public offering. The company currently manages approximately 400 mini-grids across India and Nigeria, with ambitious plans for further expansion in these regions and other African countries.
The firm's strategic vision includes extending its reach to nations like the Democratic Republic of Congo and Madagascar, alongside its existing operations. Husk also engages in rooftop solar installations and the sale of energy-efficient appliances, setting a target of at least 2 gigawatts of installations by the end of the decade. This initiative aligns with global efforts to electrify underserved populations, particularly in Africa.
Husk aims to deploy an AI-powered platform to optimize plant operations, utilizing data to forecast electricity generation and demand. The capital raise is structured as $150 million in equity and $250 million in debt. By 2030, Husk anticipates exceeding $150 million in annual revenue and supplying power to 30 million individuals, supported by an impressive annual growth rate.
