Biggest Mini-Grid Firm Seeks $400 Million, Plans Revenue Surge
A Husk Power mini-grid in Rukubi, Nigeria.
Source: Husk Power Systems
Husk Power Systems, the world’s biggest solar mini-grid operator, has begun an industry-record capital raise of $400 million as it seeks to grow revenue 10-fold by 2030 and prepare for an initial public offering.
The company operates about 400 mini-grids in India and Nigeria and plans to expand further in those countries as well as others in Africa such as the Democratic Republic of Congo and Madagascar. Husk, which also installs rooftop solar and sells energy-efficient appliances, has set a target of at least 2 gigawatts of installations by 2030.