Husk Power Systems Secures Additional Funding from ElectriFI to Expand Clean Energy Access in Rural India

Husk Power Secures Funding from ElectriFi
Preeti Bali / 11:49 am / April 16, 2024

Husk Power Systems, a leading provider of decentralized solar-hybrid mini grids, has received an additional $4 million in debt financing from ElectriFI, a European Union-funded investment facility. This latest investment follows a previous $6 million allocation in September 2022, signifying ElectriFI’s unwavering support for Husk’s innovative approach to clean energy solutions in remote Indian communities.

ElectriFI’s Investment Fuels Husk’s Growth Trajectory

ElectriFI’s continued financial backing has been instrumental in Husk Power Systems achieving its initial goals and demonstrating the effectiveness of its operations. The efficient utilization of these funds has also played a critical role in Husk securing a substantial $43 million in a Series D funding round. This significant capital injection underscores ElectriFI’s role as a catalyst in attracting further private sector investments towards high-impact clean energy projects.

ElectriFI: Validating Business Models and Fostering Innovation

Rodrigo Madrazo, CEO of EDFI Management Company, expressed his satisfaction with the impact of their investments. He emphasized that ElectriFI’s support not only provided crucial capital to Husk but also served as a strong validation of their business model for other investors. This validation has paved the way for further significant investments, fostering innovation and unlocking commercial financing avenues for clean energy solutions in developing markets.

Husk Power Commends ElectriFI’s Partnership

Manoj Sinha, Co-Founder and CEO of Husk Power Systems, acknowledged ElectriFI’s vital role as a partner, highlighting the swift execution of this financing round as a benchmark for other development finance institutions. The combined $10 million investment from ElectriFI has been critical in enabling Husk to expand its minigrid operations. This expansion translates to enhanced access to reliable electricity for numerous communities, households, and enterprises in rural areas lacking dependable grid connections.

A Partnership for Sustainable Growth

The ongoing partnership between Husk Power Systems and ElectriFI is poised to continue generating substantial social and environmental benefits. This collaboration will provide clean and reliable energy solutions to underserved regions in India, contributing significantly to a more sustainable future.

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