Husk Power Systems has secured funding from Germany’s development finance institution Deutsche Investitions-und Entwicklungsgesellschaft (DEG) to build eight new community solar microgrids in Nigeria, and to support expansion of its India operations.
DEG allocated the funds from its up-scaling program, which is co-financed by the Federal Ministry for Economic Cooperation and Development. The five-year loan of $749,000 follows Husk closing debt totalling $10.3 million from EU- funded Electrification Financing Initiative (EDFI ElectriFI) and India Renewable Energy Development Agency in 2022 to build over 200 microgrids in India. The DEG financing is the first debt raised by Husk for its business in Nigeria.