Husk Power Secures $4 Million In Debt Financing From ElectriFI

Husk Power Secures $4 Million In Debt Financing From ElectriFI

In a joint announcement today, Husk Power Systems and ElectriFI announced collaborating with each other to boost the growth of renewable energy in rural India. Husk Power is a decentralized solar-hybrid mini-grid solution provider. ElectriFI is an EU-funded impact investment facility managed by EDFI Management Company. The firms today confirmed Husk’s securing of an additional $4 million in debt financing from ElectriFI. This builds upon ElectriFI’s initial $6 million investment in September 2022.

“ElectriFI’s continued support reflects Husk’s impressive performance in achieving its initial impact targets, proves the feasibility of their business model and shows experience of leadership to execute its operational targets. Significantly, Husk’s strong performance, made possible in part by ElectriFI’s initial investment, enabled them to secure additional investments in a Series D capital raise of $43 million. This exemplifies EDFI Management Company’s core goal: acting as a catalyst to unlock further private sector funding for high-impact businesses. ElectriFI’s investment served as a strong validation of Husk’s business model, attracting significant interest from other investors,” the joint statement said.

Rodrigo Madrazo, CEO of EDFI Management Company, said, “We are thrilled to see the positive impact of ElectriFI’s investment in Husk Power Systems. Our initial investment not only provided Husk with essential capital, but also served as a strong validation of their business model, attracting further significant investment. This is a prime example of how ElectriFI fosters innovation and unlocks commercial financing for clean energy solutions in emerging markets.”

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Manoj Sinha, Co-Founder and CEO, Husk Power Systems, commented: “As demonstrated by this top-up just 18 months after receiving our first debt, ElectriFI has become an important partner for Husk. EDFI Management Company should be commended for the speed of execution in completing this transaction, which serves as a best practice for other development finance institutions (DFIs). In total, the $10 million from EDFI MC is an important enabler for Husk to scale its minigrid footprint in India, and achieve an even greater impact on tens of thousands of lives and livelihoods.”

Husk has successfully delivered reliable, clean electricity to remote communities, households, micro, small and medium-sized enterprises (MSMEs) and factories in rural areas without grid connection or where the grid is not providing reliable electricity, it said in its statement

Added Corentin Billiet, Senior Investment Manager, EDFI Management Company, who led this transaction: “Husk’s impressive track record in delivering clean, reliable energy to remote communities is truly inspiring. We are confident that this additional investment will empower Husk to expand its reach and create a lasting positive impact on rural India. We look forward to a continued successful partnership with Husk Power Systems.”

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