Husk Power Systems has secured USD6 million of new debt financing from the EU-funded Electrification Financing Initiative (EDFI ElectriFI).
The company will use this funding to electrify 80 additional communities in India with solar microgrids, offsetting more than 11,000 tonnes of CO2 by displacing a significant number of diesel generators. These 80 microgrids will benefit an estimated 60,000 people and connect nearly 10,000 new customers. It will allow Husk to double its customer base of micro, small and medium-sized enterprises, which drive rural economic activity but still rely heavily on polluting and expensive diesel generation. The investment complements Husk’s largest-ever local currency debt financing in the microgrid industry from the India Renewable Energy Development Agency (IREDA) announced earlier this year.