Author: PPD Team Date: 08/01/2025
Husk Power Systems plans to raise $400 million in debt and equity in 2025 to expand its mini-grid operations across India and Africa. This capital raise, a mix of equity and debt, precedes a planned initial public offering (IPO) in 2027.
The company more than doubled its staff and revenue in 2024, while increasing its mini-grid operations from 200 to 400, according to Bloomberg. CEO Manoj Sinha stated the funds will support their 150% year-over-year growth and expansion goals.
Founded in 2008 in Bihar, India, Husk aims to provide electricity to the 600 million Africans lacking access, capitalising on initiatives by governments and multilateral lenders like the World Bank. The World Bank and African Development Bank are set to raise additional funding for an energy programme with a $30 billion commitment by 2030.
In 2023, Husk raised $103 million in a Series D funding round and expects to achieve similar revenue growth in 2025. Its investors include France’s STOA Infra & Energy, US International Development Finance Corp, and Shell Ventures.
Currently, Husk operates 80% of its mini-grids in India and the remainder in Nigeria. The company plans to enter the Democratic Republic of Congo in 2025 and acquire mini-grid assets in Benin and Madagascar. Most of Husk’s mini-grids, ranging from 50kW to 100kW, rely on solar panels and batteries, with diesel generators as backup during high demand or adverse weather.
Approximately 92% of Husk’s power is renewable. Customers pre-pay for power via an app, and the company sells carbon offsets based on its operations.