World’s Biggest Mini-Grid Company Secures Record Capital Raise
- Husk Power Raises $103 million in debt, equity for expansion
- Investors include STOA, the US’s DFC and France’s Proparco
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Husk Power Systems, owner of the world’s largest number of mini-grids, said it raised $103 million to help pay for a more than sevenfold expansion in India and Africa — a record funding round for any company in its industry.
The money, $43 million of which was in equity and the rest in debt, will mostly go toward increasing the number of grids operated by the Patna, India-based company to more than 1,500 from about 200 currently over the next four years, said Manoj Sinha, the company’s founder and chief executive officer.