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Home Business News

Husk Power Systems kicks off 2023 with $750,000 solar deal in Nigeria 

Omono Okonkwo by Omono Okonkwo
January 9, 2023
in Business News, Corporate deals, Energy
solar systems
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Nigerian mini-grid player, Husk Power Systems, has secured the sum of $750,000 in funding for solar mini-grid projects in Nasarawa State.

Disclosing this in an email sent to Nairametrics, the company said the loan was made available by Germany’s development finance institution (DEG).  

The Plan: Husk plans to set up 8 new community solar microgrids in Nasarawa state. DEG allocated the funds from its Up-Scaling Program, which is co-financed by the Federal Ministry for Economic Cooperation and Development. According to the company, the financing is the first debt raised by Husk for its business in Nigeria, where the company currently has 12 operational microgrids and a target of building 500 mini-grids by 2026. The loan is payable in five years. 

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The Benefits: The 8 microgrids to be set up in Nasarawa state are expected to connect more than 500 residential and commercial customers, and reduce the number of diesel generators in use by 400 while creating about 40 new direct local jobs. 

  • The 8 solar mini-grids will be completed in the first half of 2023 (H1 2023) and will benefit 50,000 people across 8 communities in Nasarawa state.  
  • The solar mini-grid projects will also reduce at least 600 tons of carbon emissions (CO2e). This will be achieved through the displacement of over 100 diesel generators across the 8 communities where the mini-grids will be set up.  

Referring to the funding as affordable debt, Husk Power co-founder, Manoj Sinha said the financing provides the company with a solid foundation for unlocking additional debt, including local currency debt, in 2023 and beyond. 

  • Nasarawa state as a location of interest: Since Husk Power Systems started doing business in Nigeria in 2020, the company has zeroed in on Nasarawa state as a location of interest. In October 2022, the company announced that it had doubled its solar mini-grid fleet in Nasarawa state.  
  • In Nasarawa state, Husk has already introduced appliance sales to the communities served by its microgrids, for both household and productive uses (such as health centers, water purification, and agro-processing). 

For the record: Husk Power Systems was the first company to simultaneously launch multiple microgrids in Nigeria. The company plans 500 mini-grid sites in Nigeria by 2026. 

 

 

 

 

 


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Omono Okonkwo

Omono Okonkwo

Omono Okonkwo is an accomplished Mass Communicator, with a remarkable track record spanning over a decade across various dimensions of the field. Her proficiency encompasses Print, Digital, and Broadcast Journalism, Copywriting, Research and Writing, Podcasting, Public Speaking, as well as a comprehensive grasp of Energy Markets. Her engagement in energy market coverage commenced officially in 2016, as she assumed the role of a country correspondent (Nigeria) with Natural Gas World, a subsidiary of Minoils Media based in Vancouver, Canada. Since then, Omono Okonkwo has consistently demonstrated excellence and left an indelible mark on the ever-evolving energy sector.

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  • WAES: West Africa exported goods valued at over $166 billion in 2024 – Tuggar 
  • Heineken withdraws staff, suspends operations in Eastern DRC cities amid worsening rebel conflict 
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Yusuf Tuggar, Nigerian military

WAES: West Africa exported goods valued at over $166 billion in 2024 – Tuggar 

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