IFC and Canada invest in Husk to catalyze solar-powered economic growth in rural Nigeria
Abidjan, Cote d'Ivoire — The International Finance Corporation (IFC), a member of the World Bank Group, with the support of the Government of Canada, today announced a $5 million investment in Husk Power Energy Systems Nigeria Limited (Husk Nigeria), a subsidiary of Husk Power Systems Inc., to expand access to reliable, renewable energy in underserved communities across Nigeria.
The financing will support the rollout of Husk's portfolio of solar hybrid mini grids in Northern Nigeria, helping address one of the country's most urgent development challenges: access to electricity. It marks the first investment under the IFC Distributed Access through Renewable Energy Scale-up (DARES) Platform, a $200 million debt facility approved in November 2024 to catalyze private sector solutions across West and Central Africa.
The DARES Platform complements the World Bank-financed Nigeria DARES Project, a $750 million initiative launched in December 2023 and implemented by Nigeria's Rural Electrification Agency. Together, these efforts aim to provide over 17.5 million Nigerians with new or improved electricity access through decentralized renewable energy (DRE) systems.
IFC's financing package will enable Husk to develop and operate up to 108 mini-grid sites, resulting in approximately 28,750 new electricity connections and delivering clean, affordable energy to around 115,000 people and businesses. Husk's solar hybrid mini-grids offer a cost-effective alternative to diesel generators, providing users with at least 25% in cost savings while significantly reducing greenhouse gas emissions.
The total project cost is estimated at $[25] million. IFC's $5 million package includes a $2.5 million senior loan from its own account and a $2.5 million concessional subordinated loan from the Canada-IFC Renewable Energy Program for Africa. The facility is structured as a revolving loan, allowing Husk to repay and redraw funds multiple times during the project's implementation.
"The DARES Platform is an innovative approach to tackling one of Africa's most pressing challenges—energy access. By partnering with Husk, a leading renewable energy developer globally, through the first project under the DARES Platform, we are not only addressing the immediate electricity needs of underserved communities in Nigeria but also laying the foundation for a scalable model that can be replicated across the continent. This initiative underscores IFC's commitment to advancing sustainable energy solutions through strong partnerships between the private sector, governments, and development institutions," said [Ethiopis Tafara, Regional Vice President of Africa], IFC.
"This innovative debt facility is exactly what the minigrid industry needs to scale -- blended, long-term and affordable capital," said Husk Co-Founder and CEO Manoj Sinha. "Access to working capital is critical for sustained and rapid growth. Adding 108 new communities to our minigrid portfolio with IFC support is an important step toward our goal of deploying at least 250MW of decentralized renewable energy projects in Nigeria." said [Olu Aruike, Manager, Husk Nigeria].
Despite being Africa's largest economy, Nigeria has the world's highest electricity access deficit, with over 85 million people living without power. Even those connected to the national grid often experience unreliable supply, prompting widespread reliance on expensive and polluting diesel generators.
The DARES Platform supports the World Bank Group and African Development Bank's Mission 300, launched in April 2024, which aims to bring electricity access to 300 million people across Africa by 2030. The platform also promotes gender inclusion and productive energy use, with a focus on reaching female-headed households, supporting women-led MSMEs, and enabling job creation for women in the energy sector.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
About the Canada-IFC Renewable Energy Program for Africa
The Canada-IFC Renewable Energy Program for Africa promotes private sector financing for renewable energy projects in Sub-Saharan Africa as a means to improve access to affordable and sustainable energy services that can play an important role in reducing poverty, reducing gender inequality, and tackling climate change. Canada has committed $150 million Canadian dollars to this climate program to structure blended finance solutions that enable high-impact energy projects in Sub-Saharan Africa. The program is part of Canada's support for the Africa Renewable Energy Initiative: http://www.arei.org/.
About Husk
Husk is an award-winning clean energy company serving communities in Asia and Sub-Saharan Africa. In 2024, Husk was named one of Fast Company's 50 Most Innovative Companies in the World, ranking #24 overall, and #1 in the energy category. In 2023, it was also named 'World's Best Challenger Brand' in the energy industry, and CEO Manoj Sinha was selected as a TIME 100 Most Influential Climate Leaders in Business. Husk's AI-powered energy platform provides 24/7 renewable power to residential and commercial customers, institutions and small factories. It also delivers a range of other products and services, including e-commerce and credit-financing of branded appliances for home and commercial use, as well as community-based solutions for e-mobility and the agricultural value chain. Husk's mission is to supercharge economic growth and social well-being in communities that are unserved and underserved.
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