Debt finance

Husk Power Systems Obtains $6 Million Debt Financing from EDFI Electrify – Jammu Kashmir Latest News | Tourism

New Delhi, September 15: Husk Power Systems, a leading net-zero energy service company operating in Asia and Africa, announced on Thursday that it has secured $6 million in debt financing from EDFI ElectriFI , funded by the EU.
Husk Power will use the capital to build solar hybrid microgrids in 80 additional communities in rural India, a company statement said.
The new microgrids add to the more than 120 microgrids that Husk already owns and operates in India.
Husk Power Systems, operator of the largest fleet of solar hybrid microgrids across rural Asia and Africa, will electrify 80 additional communities in India with new $6 million debt financing, announced today. today, by the EU-funded Electrification Finance Initiative (EDFI). ElectriFI),” he said.
The 80 solar micro-grids will benefit approximately 60,000 people and connect nearly 10,000 new customers.
This will allow Husk to double its customer base of micro, small and medium-sized enterprises (MSMEs), which drive rural economic activity but still rely heavily on dirty and expensive diesel production.
The new microgrids will displace a significant amount of diesel generators, avoiding the equivalent of 11,640 tons of CO2, he said.
“The EDFI ElectriFI debt will enable Husk to become EBITDA positive before the end of 2022, and demonstrates our increased ability to absorb larger amounts of long-term, low-cost debt, which is necessary to scale the microgrids in a cost-effective way,” Manoj Sinha, co-founder and CEO, Husk Power said in the statement. (PTI)