Husk Minigrids

pending

Husk Power Energy Systems Nigeria Limited (“Husk Nigeria” or “the Company”) is a subsidiary of Husk Power Systems Inc. (“HPS” or “Husk”). Husk is one of the leading mini grids developers/operators, with a primary focus on rural communities. Husk initially started operations in India in 2008 and entered Nigeria in 2020. Globally, Husk has 270+ mini grid sites including 30 sites in Nigeria. Total installed capacity is 9MW. Husk’s mini grids are hybrid mini grids which combine solar photovoltaic panels, battery energy storage systems, and diesel generators, and normally are operated independently (i.e. the mini grids are not connected to the main electricity grid). IFC is considering a debt investment of up to US$5 million to finance up part of the Company’s mini grid expansion plan in Nigeria (the “Project”), including up to US$2.5 million from IFC as implementing entity of the Canada-IFC Renewable Energy Program for Africa. The debt investment is part of an up to US$100m Nigeria DARES envelope under which IFC is looking to provide similarly structured debt investments to several mini grid developers/operators. The Project is expected to provide cleaner, cheaper, and more reliable electricity to rural households and business that currently have expensive, unreliable, unsustainable, or no access to electricity.