Husk Raises N5bn to Build Standalone Minigrid Pipeline in Nigeria
By NaijaEnquirer Staff
Husk Power Systems, a distributed renewable energy company, has secured a N5 billion (USD 3.32m) local currency debt facility from United Capital Infrastructure Fund (UCIF) to accelerate its rollout of minigrids across Nigeria. The financing will also support Husk’s expansion into interconnected minigrids (IMGs) and commercial & industrial (C&I) solar projects.
The revolving debt instrument, with a 10-year tenure, is the first Naira-denominated debt facility of its kind. Husk expects to redeploy the capital at least twice during the period, significantly scaling its pipeline.
Boost to Africa Sunshot Initiative
The transaction advances Husk’s Africa Sunshot initiative, which targets the deployment, ownership, and operation of 1,000 minigrids across Nigeria. This forms part of the company’s broader mission to provide reliable, affordable, and clean energy to underserved communities in the Global South.
Stakeholders React
Commenting on the deal, Uchenna Mkparu, Chief Investment Officer at UCIF, said: “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. It is our goal to replicate this novel facility structure to deliver up to 100 MW of clean power by 2030.”
Husk, beyond supplying solar electricity, also provides e-commerce and credit-financing for branded appliances, alongside community-based solutions in e-mobility and agriculture.
Energy Transition Milestone
With Nigeria pushing to diversify its energy mix, the deal marks a significant milestone in the country’s energy transition journey. It is expected to boost rural electrification, support small businesses, and reduce reliance on fossil fuels.
