Dear valued stakeholder,
REA Managing Director Abba Aliyu & Husk Chairman Brad Mattson Sign Partnership Agreement
A new goal set by the World Bank and African Development Bank to electrify 300 million people in Sub-Saharan Africa by 2030 will require a massive leap in scale from the private sector. Responding to this “Mission 300“ call, Husk signed a ground-breaking partnership with the government of Nigeria, home to the world’s largest unelectrified population, to build an unprecedented portfolio of decentralized renewable energy projects. Husk also made a major commitment at the Summit on Clean Cooking in Africa.
Husk continued to attract growth capital, securing a new injection of debt from ElectriFI that brings its total from the EU-funded facility to $10 million.
The company met more than 100 partners and stakeholders at the Africa Energy Forum and Energy Access Investment Forum, advancing numerous initiatives. In addition, we spoke at high-level events on finance, carbon markets, AI and more, and continued to drive the minigrid industry narrative through widespread media coverage (see “In the News”).
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Manoj Sinha, Co-Founder & CEO
MARKET FOCUS
DR Congo rural electrification agency visits a Husk community rice milling center in Nigeria
With 90 million people still living without electricity, Nigeria is the epicenter of global efforts to end energy poverty. Husk entered Nigeria in 2020 and in May 2024 it took its commitment to another level by forming a partnership with the Rural Electrification Agency (REA). The partnership aims to build 250MW of rural and peri-urban projects, including power generation and distribution – both inter-connected minigrids (IMGs) and isolated minigrids – as well as rooftop C&I solar, productive use of energy (PUE) and appliance sales and financing. It also outlines collaboration on innovative new models such as Virtual Power Plants (VPPs) and value-added community services such as e-mobility, agricultural processing and cold storage, and clean cooking. Commenting on the partnership, Abba Aliyu, REA’s Managing Director said: “This partnership represents a historic leap forward in our vision for a network of Renewable Energy Service Companies (RESCOs) that can deliver clean and reliable electricity to every corner of Nigeria. By joining forces with Husk Power, we are not only positioned to achieve our ambitious renewable energy deployment goals but also to establish a model that can inspire others around the world.”
After Nigeria, the world’s second-largest off-grid population lives in the Democratic Republic of Congo (DRC). Husk welcomed Damien Twambilangana, the Deputy Director General of ANSER, the DRC’s rural electrification agency, to visit some of Husk's minigrids in Nigeria, and shared our experiences on scaling productive uses of energy (PUE), including e-mobility, rice milling and cold storage.
FINANCIAL OUTLOOK
Husk continues to attract the financing needed to scale its operations in both South Asia and Sub-Saharan Africa. ElecriFI, the EU-funded impact investment facility managed by EDFI Management Company, doubled down on its support of Husk, providing an additional $4 million in debt for India, which follows an initial $6 million in debt provided in 2022. Commenting on the financing, 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.” Added EDFI’s Senior Investment Manager Corentin Billiet: “Husk’s impressive track record in delivering clean, reliable energy to remote communities is truly inspiring.”
Husk CEO Manoj Sinha also spoke with VC Circle about the company’s IPO plans, saying the company was in early stages of discussions to tap into public markets to raise $350 million by 2027.
INDUSTRY LEADERSHIP
Husk's inaugural cohort of management leadership trainees
An essential part of being a pioneer is identifying and supporting the next generation of industry leaders. To that end, Husk launched its Helios Management Trainee Program with a first cohort of exceptional young professionals handpicked from India's esteemed MBA programs. The 18-month program has already kicked off in India, and will be rolled out in Africa in the coming months.
Moreover, Husk took an important step towards converging access to electricity and clean cooking. Husk was the only minigrid company to attend the Summit on Clean Cooking in Africa, where it announced a commitment to launch the first-ever rural e-commerce platform dedicated to the distribution, sales and financing of energy efficient appliances, including electric stoves and pressure cookers.
Husk was also just one of a handful of companies invited to an Innovation Camp in London hosted by Prince William of The Earthshot Prize and Michael Bloomberg of Bloomberg Philanthropies.
IN THE NEWS
Below are highlights of Husk media coverage and event participation:
CEO Manoj Sinha joined the World Bank to discuss “Minigrid Solutions for Underserved Customers: New Insights from Nigeria and India”
Impact Entrepreneur featured Husk’s use of artificial intelligence (AI) for social impact
The Sunday Times featured Husk is an in-depth look at India’s power sector and the opportunity for minigrids and virtual power plants (VPPs)
Grab bag: take your pick of 3 webinars that included Husk’s CMO William Brent on trends in carbon finance (passcode: LW!8h5!R), brand, and Africa
Our CCO Anubha Shukla spoke at the Solar Trailblazers event, explaining why we focus on MSMEs in rural India
Speaking with ChannelsTV, our Country Director Olu Aruike outlined our new landmark partnership with the Nigerian Government
