This builds upon ElectriFI's initial $6 million investment in September 2022.
In a joint announcement today, Husk Power Systems ("Husk"), a provider of decentralised solar-hybrid mini grids, and ElectriFI, the EU-funded impact investment facility managed by EDFI Management Company, confirmed Husk's securing of an additional $4 million in debt financing from ElectriFI. This builds upon ElectriFI's initial $6 million investment in September 2022.
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 served as a strong validation of Husk's business model, attracting significant interest from other investors.
Rodrigo Madrazo, CEO of EDFI Management Company, said, "Our initial investment not only provided Husk with essential capital but also served as a strong validation of their 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."
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 speed of execution in completing this transaction, which serves as a best practice for other development finance institutions (DFIs). In total, 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 is an award-winning clean energy company serving rural and peri-urban Asia and Sub-Saharan Africa. Husk’s AI-powered energy platform, centered around community solar minigrids, provides 24/7 renewable power to households, commercial customers, institutions, and small factories.
The Electrification Financing Initiative (ElectriFI), managed by EDFI Management Company, is an impact-first investment facility funded by the European Union, USAID’s Power Africa programme, the Government of Sweden, and the Government of Italy. ElectriFI is investing in early-stage private companies and projects that increase or improve access to and supply of sustainable energy in developing countries.
EDFI Management Company (EDFI MC) is a multilaterally owned impact asset manager that delivers innovative development finance solutions that enable European DFIs, development banks, and private sector investors to increase the scale and impact of their work. The company focuses on business models, technologies, and geographies where other investors have not been able to operate at the desired scale given their resources and investment criteria.