Solar mini-grid operator Husk Power Systems aims to raise an industry record of $400m in debt and equity in 2025 as it expands across India and Africa.
This capital raise, a mix of equity and debt, precedes a planned initial public offering (IPO) in 2027.
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The company more than doubled its staff and revenue in 2024, while increasing the number of mini-grids it operates from 200 to 400, according to a report by Bloomberg.
Husk Power Systems co-founder and CEO Manoj Sinha stated: “That’s the capital we need to be able to go and expand with our new aspirations based on the evidence that we can actually grow at 150% year-over-year. We are in a capital-intensive business.”
Founded in 2008 in the Indian state of Bihar, Husk is capitalising on a drive by governments and multilateral lenders, such as the World Bank, to provide electricity to the more-than-600 million Africans who currently lack access.
The World Bank and the African Development Bank are convening a conference in Tanzania in January 2025 to raise additional funding for a programme to which both institutions have committed $30bn by 2030.
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By GlobalDataIn 2023, the power company raised $103m in debt and equity during a Series D funding round and now plans to engage existing and new investors to support its expansion.
Husk expects to achieve a similar revenue growth rate in 2025 as it did in 2024.
Previous investors include France’s STOA Infra & Energy, US International Development Finance Corp and Shell Ventures.
Currently, Husk operates 80% of its mini-grids in India, with the remainder in Nigeria, where an attractive policy framework has stimulated industry growth.
The company aims to enter the Democratic Republic of Congo in the second half of 2025 and acquire mini-grid companies or their assets in Benin and Madagascar.
The mini-grids, most of which are between 50kW and 100kW, primarily rely on solar panels and batteries, with diesel generators serving as backup during periods of high demand or adverse weather.
Some mini-grids in India utilise biomass as backup, and the use of biogas-based compressed natural gas is under investigation.
Approximately 92% of the power produced by Husk is renewable.
Customers pre-pay for power through an app, and Husk sells carbon offsets based on its operations.
In 2024 the company launched its PRISM product, which facilitates the delivery of a largely assembled mini-grid to a site, accelerating deployment.
Husk has begun constructing its first interconnected mini-grids, which will range from one to two megawatts in size.
