Mini-grids co Husk Power raises USD 20m from European investors

Husk Power Systems, a rural distributed utility firm that builds mini grids in Asia and Africa, on Monday said it has secured an equity investment of USD 20 million (EUR 16.4m) to speed up its expansion.

Royal Dutch Shell's (AMS:RDSA) corporate venturing arm -- Shell Technology Ventures LLC, the Swedish Government's development financier -- Swedfund International, and Engie’s (EPA:ENGI) impact investment fund -- ENGIE Rassembleurs d’Energies, made the investment.

The transaction is subject to customary conditions precedent including regulatory approvals.

Husk Power aims to build more than 300 mini-grids in India and Tanzania in the coming four years to serve over 100,000 customers. With a combined capacity of about 15 MW, these renewable power assets will avoid 150,000 tonnes of carbon dioxide (CO2) emissions per year.

“We believe that mini-grids are the most capital efficient way to help reach 100 percent national electrification goals,” said Husk Power CEO and co-founder Manoj Sinha.

Husk designs, builds, owns and operates what it says is the lowest-cost globally hybrid power plant and distribution network. Its proprietary solution, already used in India and Tanzania, combines solar photovoltaic (PV) panels, a biomass gasification system and battery storage to offer reliable power 24×7. Customers can access the “pay-as-you-go” energy service through a mobile-enabled smart metering system. The systems are scalable and grid compatible.

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