Husk Power Systems,that provides rural clean energy services in Africa and Asia, has announced the successful close of a $4.2 million debt financing from the India Renewable Energy Development Agency Limited(IREDA).
The new India debt is part of a line of credit provided by German development bank KfW to IREDA to assist developers in scaling off-grid energy projects. It will be used to finance 140 microgrids in the states of Uttar Pradesh and Bihar, where Husk has been serving rural communities since 2008, including micro, small and medium-sized enterprises. Besides the IREDA loan, Husk expects to raise an additional $18 million in debt in 2022 to fuel accelerated project deployment, while also kicking off fundraising for a series D equity round in first quarter. The company has built a robust project pipeline in both India and Africa, and expects to have about 1,300 grids in operation by 2025 across multiple markets.