Husk Power Systems
US-based Husk Power Systems specialises in providing green energy services in rural areas. The company develops and operates minigrids in India and Nigeria. STOA became a shareholder in 2023, with the aim of increasing access to stable, low-carbon electricity in rural and semi-urban areas of these two countries.
Challenges
In India, the instability of the electricity network results in daily blackouts in more than half the country. In Nigeria, half the population has no access to electricity, as do more than 770 million people in the world. For the World Bank and the International Energy Agency, solar minigrids could be the answer to closing this energy gap.
The Project
The minigrids developed by Husk Power Systems provide access to low-carbon, reliable energy for households and small businesses. These systems combine solar energy, battery storage, and backup sources like biomass. Since 2008, Husk has been helping to stabilise local power supplies in semi-urban areas of north-east India. Since 2022, the company has also been operating in rural parts of central Nigeria, far from the national grid.
More than 200 minigrids have been installed in these two countries. To keep fighting energy poverty, Husk also plans to invest in other African countries.
We are excited to have STOA lead this financing, which will enable us to fully deploy our renewable energy platform across Sub-Saharan Africa and India, contributing to a rural industrial revolution.
Manoj Sinha, CEO of Husk Power Systems
Key Facts
Company: Husk Power Systems
Infrastructure: Solar (minigrids)
Geographic Area: Nigeria and India
Stake: 12.2%
Since: 2023
Co-shareholders: DFC, Proparco, FMO, Swedfund, Shell Venture