Husk Power Systems, plans to complete $100 mn in debt and equity financing this year

Chief Marketing Officer William Brent announced at the 14th Clean Energy Ministerial (CEM14) and 8th Mission Innovation that Husk Power Systems, a US-based solar mini-grid firm, aims to close $100 million in equity and debt this year.

"We have been able to attract over $40 million in equity, and we anticipate closing another $100 million in equity and debt funding in Q3 of 2023 to finance the next stage of our growth," Brent added. He continued by saying that the business is now at a stage where it is aware of its business model and go-to-market strategy and is putting these plans into practise in India and sub-Saharan Africa.

"We are very close to finalising our equity round; we expect that to be in the neighbourhood of $40 million to $50 million including our existing investors and some new ones. He continued by saying that additional debt totaling more than $60 million will be used for project financing to expand a pipeline we created in India and sub-Saharan Africa.

The business's most recent round of funding took place in 2016, with Shell Ventures, Engie, and two development finance institutions serving as lead investors. The company declared in January 2023 that it had achieved corporate profitability, making it the first minigrid company to do so. The CEM14 and MI8 were both officially opened. 'Advancing Clean Energy Together' is the event's theme. The event is slated to coincide with the G20 Energy Transitions Ministerial Meeting in July 2023 and will take place from July 19 to July 22.