Husk Power Systems has recently secured debt financing worth $4 million from IREDA for the development of 140 mini-grids in rural India.
The IREDA loan to Smart Power India’s partner Husk represents the biggest debt financing for rural mini-grids in India till date, a company release said.
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, the release noted.
Commenting on the achievement, 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.”
Also read: Rural Energy Company Husk Power Systems Aims At Operational Profitability In 2021
IREDA is a state-owned non-banking financial institution under the administrative control of India’s Ministry of New and Renewable Energy (MNRE). It promotes, develops, and extends financial assistance to renewable energy projects.
Manoj Sinha, CEO, and Co-Founder, Husk Power Systems, 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, 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. The IREDA funding will give us a much-needed boost to achieve our target of expanding our microgrid fleet 10x by 2025.”
Featured photograph for representation only
