Husk Raises N5Bn To Build Standalone Minigrid Pipeline In Nigeria
Nigeria’s energy transition gets underway as minigrid operator and distributed renewables firm Husk secures NGN 5 billion (USD 3.32m/EUR 2.83m) to build out its standalone minigrid pipeline in Nigeria and support expansion into interconnected minigrids (IMGs) and commercial and industrial (C&I) solar projects.
The revolving, local currency debt facility is provided by United Capital Infrastructure Fund (UCIF).
It has a 10-year tenure, during which Husk expects to redeploy the capital twice. The transaction is described as the first Naira-denominated debt instrument of its kind.
The arranged financing advances Husk’s Africa Sunshot initiative, which seeks to deploy, own, and operate 1,000 minigrids across Nigeria.
“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, said UCIF’s chief investment officer, Uchenna Mkparu.
“It is our goal to replicate this novel facility structure to deliver up to 100 MW of clean power by 2030.”
Husk provides solar electricity to unserved and underserved communities in the Global South. It also offers a range of other products and services, including e-commerce and credit-financing of branded appliances for home and commercial use, and community-based solutions for e-mobility and agriculture.
