Husk Power Systems is launching a mixed debt and equity raise of up to $400 million (C$540 million) to expand its solar mini-grid footprint and accelerate revenue growth through 2030. The operator, active in India and Nigeria, says the fresh capital would back new sites and connected mini-grid pilots while preparing for a potential listing later in the decade.
Management is signalling a faster build rate and a broader product set, including rooftop solar and bundled energy services for small enterprises. The target is ambitious. Execution will hinge on policy support and low-cost capital.
“We kick-started the process as of last week,” said Manoj Sinha, co-founder and chief executive. He added that the team aims to close the funding by June 2026. Husk currently operates about 400 mini-grids and plans more capacity in Nigeria and India, with potential entries into the Democratic Republic of Congo and Madagascar.
Nigeria policy sets fast pace
Nigeria remains a central market for Husk, where policy reforms have opened room for private mini-grids that serve weak-grid or off-grid towns. Developers see demand from shops, farms, clinics and telecom sites looking to cut diesel costs and improve reliability.
In May 2025, IFC committed $5 million (C$6.8 million) in debt to Husk’s Nigeria unit under its DARES platform, backing up to 108 solar hybrid sites, as reported by pv magazine India. That facility favours revolving draws and longer tenor, two features developers say are scarce in the market. The funds support new customer connections and productive-use loads that lift asset utilisation.
Husk’s plan aligns with wider rural electrification programs seeking to blend concessional funds with commercial debt. The strategy focuses on communities where grid power is absent or unreliable for long stretches of the day. In such places, mini-grids can anchor new demand by pairing power sales with appliance financing and service contracts. This model helps de-risk revenue and improve cash collection. It also creates entry points for institutional lenders and climate finance.
Equity and debt mix detailed
The proposed raise splits into roughly $150 million in equity and $250 million in debt, according to recent interviews. Husk frames the scale as necessary to meet a larger pipeline and to advance utility-grade, interconnected mini-grids. The operator is also building out the supply chain and packaged plant offerings to cut installation times. Standardized hardware and pre-assembled modules are part of that pitch. Faster delivery reduces working capital pressure.
Sustained growth will depend on tariffs that reflect costs and on clear rules for grid interconnection. Nigeria’s evolving framework is one example, with regulators encouraging private solutions to close access gaps. Husk says its mix of solar, batteries and controlled backup helps maintain service in areas where the main grid falters. The firm is also pursuing rooftop solar for businesses that want predictable bills. Monetizing carbon benefits adds a secondary revenue stream.
“The potential is just enormous in Nigeria,” Sinha said, pointing to recent policy shifts. He argues that private capital will follow where market rules are stable and credit support is available.
If the raise lands as planned, Husk expects its network to reach more towns and small factories across core regions. The next milestones include financial close and a careful roll-out schedule.