ElectriFI Invests Additional $4 Million in Husk Power Systems to Boost Clean Energy in Rural India – SolarQuarter
Husk Power Systems, a leader in decentralized solar-hybrid minigrids, has secured an additional $4 million in debt financing from ElectriFI, a European Union-funded investment facility managed by EDFI Management Company. This new investment follows a previous $6 million allocation in September 2022, underscoring ElectriFI’s commitment to Husk’s business model and its impactful clean energy solutions in rural India.
The continued financial backing from ElectriFI has been pivotal in Husk Power Systems achieving its initial impact targets and demonstrating the viability of its operations. The effective use of these funds has also played a crucial role in Husk securing an impressive $43 million in a Series D funding round. This significant capital influx highlights ElectriFI’s role as a catalyst in attracting additional private sector investments to high-impact projects.
Rodrigo Madrazo, CEO of EDFI Management Company, expressed enthusiasm about the impact of their investments, stating that ElectriFI’s support has not only provided crucial capital to Husk but also validated their business model to other investors. This has enabled further substantial investments, fostering innovation and unlocking commercial financing for clean energy solutions in emerging markets.
Manoj Sinha, Co-Founder and CEO of Husk Power Systems, praised ElectriFI’s role as a vital partner, emphasizing the swift execution of this financing round as a benchmark for other development finance institutions. The cumulative $10 million from ElectriFI has been instrumental in enabling Husk to expand its minigrid operations, thereby enhancing access to reliable electricity for numerous communities, households, and enterprises in rural areas lacking stable grid connections.
This partnership between Husk Power Systems and ElectriFI is set to continue driving substantial social and environmental benefits, providing clean, reliable energy solutions to underserved regions in India.
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