Husk Power Systems bags $4 mn finance for rural microgrids in India

Smart Power India said its partner Husk Power Systems has bagged the largest-ever debt financing of $4 million for rural microgrids in India to construct 140 mini-grids in rural India.

Smart Power India on Tuesday said its partner Husk Power Systems has bagged the largest-ever debt financing of USD 4 million for rural microgrids in India to construct 140 mini-grids in rural India.

To encourage reliable access to electricity till the last mile, Smart Power India's partner Husk Power Systems recently secured the largest-ever debt finance to construct 140 mini-grids in rural India.

According to the statement, the amount received is USD 4 million from the IREDA.

The IREDA loan to Smart Power India's partner Husk represents the biggest debt financing for rural mini-grids in India till date, it stated.

The IREDA is a state-owned non-banking financial institution (NBFI) under the administrative control of the country's Ministry of New and Renewable Energy (MNRE). It promotes, develops, and extends financial assistance to renewable energy projects.

Husk Power's 100th mini-grid was a significant milestone along the path to achieving reliable electricity for all. Smart Power India and Husk Power have notably pioneered the off-grid power generation and distribution model in India. The end-to-end innovative, technology-led energy solutions have the capacity to be replicated and sustained across the globe, it stated.

Jaideep Mukherjee, CEO at Smart Power India, said, "Mini-grid services have continued to play an important part in rural India's social and economic development. I congratulate Husk Power and the team for the commitment and perseverance that they have shown in supporting the sector's efforts in providing good quality power to the last mile."

Manoj Sinha, CEO and co-founder of Husk, said, "The IREDA financing demonstrates the Government of India's vision in making mini-grids an integral part of its net-zero goal put forward at COP26."

He added that this is a huge validation for Smart Power India and Husk Power's collaboration for ensuring reliable access to electricity in the rural part of the nation.