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Home » News » ElectriFI invests M in Husk Power Systems for rural India clean energy access

ElectriFI invests $4M in Husk Power Systems for rural India clean energy access

April 17, 2024 10:55 am

ElectriFI invests $4M in Husk Power Systems for rural India clean energy access
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EDFI Management Company and Husk Power Systems have secured an additional $4 million in debt financing from ElectriFI, an EU-funded impact investment facility, confirming their collaboration.

ElectriFI’s continued support reflects Husk’s impressive performance in achieving its initial impact targets, proves its business model’s feasibility, and shows leadership experience to execute its operational targets. Significantly, Husk’s strong performance, made possible in part by ElectriFI’s initial investment, enabled them to secure additional investments in a Series D capital raise of $43 million. This exemplifies EDFI Management Company’s core goal: acting as a catalyst to unlock further private-sector funding for high-impact businesses. ElectriFI’s investment strongly validated Husk’s business model, attracting significant interest from other investors.

Rodrigo Madrazo, CEO of EDFI Management Company, said of the financing: “We are thrilled to see the positive impact of ElectriFI’s investment in Husk Power Systems. Our initial investment not only provided Husk with essential capital but also strongly validated its business model, attracting further significant investment. This is a prime example of how ElectriFI fosters innovation and unlocks commercial financing for clean energy solutions in emerging markets.”

ElectriFI’s continued investment underscores its confidence in Husk’s experienced management team. Their proven track record and influential business model position Husk for continued growth and positive social and environmental impact.

Manoj Sinha, Co-Founder and CEO of Husk Power Systems, commented: “As demonstrated by this top-up just 18 months after receiving our first debt, ElectriFI has become an important partner for Husk. EDFI Management Company should be commended for the execution speed in completing this transaction, which is a best practice for other development finance institutions (DFIs). The $10 million from EDFI MC is an important enabler for Husk to scale its mini-grid footprint in India and achieve an even greater impact on tens of thousands of lives and livelihoods.”

Husk has successfully delivered reliable, clean electricity to remote communities, households, micro, small, and medium-sized enterprises (MSMEs), and factories in rural areas without grid connection or where the grid is not providing reliable electricity.

Corentin Billiet, Senior Investment Manager at EDFI Management Company, who led this transaction, added, “Husk’s impressive track record in delivering clean, reliable energy to remote communities is truly inspiring. We are confident this additional investment will empower Husk to expand its reach and positively impact rural India. We look forward to a continued successful partnership with Husk Power Systems.”

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