Husk Power Systems, a clean energy company at the forefront of fueling rural electrification has raised $103 million Series D in equity and debt to meet its objectives. The firm announced plans to launch 500 solar mini-grids in Nigeria over the next five years. The capital injection includes $43 million in equity, which Husk Power describes as the largest-ever raise of its kind in the mini-grid industry — and a $60 million debt financing. Sub-Saharan Africa accounts for 75% of the world’s population without access to renewable energy solutions and electricity. Countries like South Sudan, Burundi, Chad, Malawi, Burkina Faso, Madagascar and Tanzania are among some of the least electrified countries in the world and could benefit from clean energy from solar or wind. Buoyed by this new capital, Husk Power will look to evaluate expansion into some of these markets over the next couple of years, including the Democratic Republic of Congo (DRC), Zambia and Madagascar; it has so far deployed over 200 mini-grids in Nigeria and India, according to co-founder and CEO Manoj Sinha.
SOURCE: TECHCRUNCH