Dear valued stakeholder,
In Q1 2025, Husk significantly advanced its framework agreement with the Nigerian government to deploy 250MW of decentralized renewable energy (DRE) projects: it established itself as the country’s clear frontrunner in deploying isolated minigrids, it closed major commercial and industrial (C&I) deals, and began development of its first inter-connected minigrid (IMG).
Husk also took important steps toward further strengthening its commitment to building an organization that prioritizes the role of women.
Meanwhile, the company joined several important investor, governmental and industry events, including the Mission 300 Africa Energy Summit, while continuing to drive thought leadership in influential outlets.
Read on for more details.
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Manoj Sinha, Co-Founder & CEO
MARKET FOCUS
AEDC, Duduguru community and Husk leaders at inter-connected minigrid signing ceremony
Husk and Nigeria’s Rural Electrification Agency (REA) announced plans in May 2024 to deploy 250MW of DRE projects, including isolated and inter-connected minigrids and C&I projects. Husk made major strides in Q1 2025 in achieving that target, with a current pipeline of at least 75MW of projects in Nigeria.
Husk closed a major C&I deal for a 1.3MW solar plus battery system with global agri-business leader Olam Agri for their Nasarawa state rice operations, which previously relied on diesel generation. Husk will supply power under a 10-year power purchase agreement (PPA).
Husk also started project development of its first inter-connected minigrid in Duduguru, in partnership with Abuja Electricity Distribution Plc (AEDC). Husk has identified a pipeline of 50 IMGs across 10 states in Nigeria.
Most notably, Husk entered 2025 with the largest portfolio of isolated solar minigrids in Nigeria, so far serving more than 60 communities in three states.
FINANCIAL OUTLOOK
With increased volatility in advanced economies due to rising trade friction, there are positive indicators that emerging markets deserve a closer look from investors.
One sign is new evidence that perceived risk in emerging markets is disconnected from actual risk. The latest data from IFC’s Global Emerging Markets Risk Database (GEMs) concluded that emerging market companies “are lower risk than many high-yield corporate borrowers from advanced economies,” while also stressing “the diversification benefit of holding a portfolio that includes both advanced and emerging market assets.” GEMs data showed that “risk in emerging markets is much lower than based on sovereign credit ratings” and noted that “relying solely on sovereign ratings in this context would lead investors to overstate the risks of lending to firms in these markets.”
Additional tailwinds: the rollout of Mission 300, including a new IFC-backed equity vehicle called Zafiri, established specifically to expand energy access through DRE. Mission 300, a World Bank and African Development Bank initiative, aims to electrify 300 million people in Sub-Saharan Africa by 2030, with community solar minigrids identified as a key contributor. Zafiri will help fill a major gap in the equity market and is likely to crowd in other investors.
INDUSTRY LEADERSHIP
Husk representative Grace Perkins at the LDC Future Forum in Lusaka
After naming Anubha Shukla as Chief Commercial Officer in 2024, Husk continued to bring more women into its leadership team in Q1 2025 with the hiring of Preeti Ahuja as Chief People Officer (CPO).
With 20 years of experience across manufacturing, automotive and IT, Ahuja has led large-scale transformation projects across multiple geographies. “I believe in the power of people to drive change, and look forward to building a culture where every individual thrives, feels a sense of belonging, and grows together with purpose,” said Ahuja.
Following Husk’s participation in the UN Gender and Energy Compact in 2021, and adopting a corporate gender policy in 2023, in Q1 2025 Husk also published a commitment to gender equity, outlining a comprehensive set of targets both for its own operations and for serving women customers, in line with the 2X Global framework. See the story of one Nigeria community where Husk solar-powered rice milling has increased incomes for women farmers.
Husk executives also spoke at numerous events in Q1 2025, including the Mission 300 Summit, CERAweek, IRENA General Assembly, Powering Africa Summit, the Infrastructure Investor Global Summit, the IFC Annual Research Conference and the LDC Future Forum.
IN THE NEWS
Below are highlights of Husk's recent media coverage:
Bloomberg published a spotlight on the World Bank’s Mission 300 initiative, which prominently featured Husk and CEO Manoj Sinha.
What does Mission 300 mean? Watch this Africa24 interview with our CMO.
In Nigeria, Punch covered Husk’s policies to champion women employees.
Our CEO’s alma mater the Darden School of Business featured his journey at Husk in this in-depth Q&A.
With thousands of MSME customers in India, Husk is powering prosperity. Hear directly from businesses in this video series: school, fruit seller, furniture maker, grain milling, barber, welding.
Case Study: the Global Solar Council included Husk in its Africa Energy Outlook for Solar PV (p. 18).
