ABUJA — United Capital Infrastructure Fund (UCIF) has announced the signing of a ₦5 billion (approximately $3.2 million) revolving, local currency debt facility with Husk, the world’s largest private-sector minigrid operator and a pioneer in distributed renewable energy. The revolving facility is the first Naira-denominated debt instrument of its kind and marks a significant step forward in accelerating Nigeria’s efforts to scale the community solar minigrid industry.

Announced on the sidelines of the Africa Climate Summit (ACS) in Addis Ababa, the facility was jointly developed by the two institutions to address a market gap, affecting the delivery and scaling of solar minigrids. Husk is the first minigrid developer in Nigeria to access this novel local currency facility from UCIF. For UCIF, this transaction reflects its broader mandate to channel long-term local currency financing into projects that expand clean energy access and accelerate sustainable development across Nigeria and Sub-Saharan Africa.

The revolving loan has a tenure of 10 years, during which Husk expects to redeploy the capital twice. Initial deployments will be used to build out Husk’s standalone minigrid pipeline in Nigeria, with expansion plans to include interconnected minigrids (IMGs) and commercial and industrial (C&I) solar projects.

Speaking on this landmark transaction, Uchenna Mkparu, Chief Investment Officer and Fund Manager of the United Capital Infrastructure Fund, said: “UCIF is excited to announce its maiden investment in the Renewable Energy Sector. This transaction underscores our commitment to advancing Nigeria’s renewable energy sector and expanding access to clean, reliable power. By providing affordable, long-term local currency debt to a market leader like Husk, UCIF is creating impact by enabling scalable, sustainable energy access for households, SMEs, smallholder farmers, and underserved communities across Nigeria. It is our goal to replicate this novel facility structure to deliver up to 100MW of clean power by 2030.”

From the developer’s perspective, Husk CEO & Co-Founder Manoj Sinha highlighted the broader industry significance, noting: “Access to affordable, long-term, Naira-denominated capital has long been a critical bottleneck to scaling private-sector minigrids in Nigeria. This facility marks a new era for the industry and provides strong momentum for Husk’s Africa Sunshot initiative, under which we aim to build, own, and operate 1,000 minigrids in Nigeria.”

About UCIF

The United Capital Infrastructure Fund (UCIF) is a close-ended infrastructure fund, with a N150 billion program size, registered with the Securities and Exchange Commission (“SEC”). The Fund is managed by United Capital Asset Management Limited, a leading fund manager with over N1.2 trillion in assets under management and proudly sponsored by United Capital Plc. UCIF provides long-term local currency senior debt of up to 15 years to transformative infrastructure projects. The Fund is authorized to invest up to 80% of its total assets in Nigeria and up to 20% in Sub- Saharan Africa. The Fund is positioned to deliver both financial returns and sustainable impact and strategically targets critical sectors that drive economic growth and transform lives, including Renewable Energy, Captive Power, Agribusiness Infrastructure, Industrial Recycling, Gas, and Telecommunications.

About Husk

Husk is an award-winning distributed energy resources (DER) company providing solar electricity to unserved and underserved communities in the Global South. In 2024, Husk was named one of Fast Company’s 50 Most Innovative Companies in the World, ranking #24 overall, and #1 in the energy category. In 2023, it was also named “World’s Best Challenger Brand” in the energy industry, and CEO Manoj Sinha was selected as a TIME 100 Most Influential Climate Leaders in Business. Husk’s AI- powered DER platform provides 24/7 renewable power to community, commercial, and residential customers. It also delivers a range of other products and services, including e-commerce and credit-financing of branded appliances for home and commercial use, as well as community-based solutions for e-mobility and the agricultural value chain. Husk’s mission is to supercharge economic growth and social well-being across Asia and Sub-Saharan Africa.