Husk Power Systems bags $4 mn fund for India’s rural microgrids

On Tuesday Smart Power India said that their partner Husk Power Systems has secured the largest debt financing of $4 million for India’s rural microgrids to build 140 mini-grids in rural parts of India.

Husk Power Systems, partner of Smart Power India has secured the finance for the construction of 140 mini-grids for the encouragement of reliable access to electricity until the last mile.

The total amount received is $4 million from the Indian Renewable Energy Development Agency Limited (IREDA), the statement said.

The IREDA loan to Husk Power Systems is the biggest-ever debt financing for rural mini-grids in the country to date.

IREDA is a state-owned, Non-Banking Financial Institution (NBFI) under the administrative control of India’s Ministry of New and Renewable Energy (MNRE). It is involved in the promotion, development, and extension of financial assistance to renewable energy projects.

The 100th mini-grid of Husk Power Systems was a milestone on the path to achieving reliable electricity for all. Both the power companies have notably developed the off-grid power generation as well as distribution model in the country.

The end-to-end innovative and technology-led power solutions are equipped with the capacity for being replicated and sustained around the world.

Smart Power India CEO, Jaideep Mukherjee said that the mini-grid services continue to play an important part in the social and economic development of rural India. He congratulated Husk Power and the team for the commitment and perseverance they showcased to support the sector’s efforts to provide good quality power to the last mile.

Husk CEO and co-founder, Manoj Sinha said that the financing of IREDA demonstrates the Indian Government’s vision to make mini-grids an important part of the net-zero goal put forward at COP26.

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Also read: IREDA targets Rs 2,749 cr revenue in 2021-22

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