Husk Launches Initiative to Mobilise $500m for Mini-grids in Africa

Emmanuel Addeh in Abuja

Husk Power has officially launched the ‘Africa Sunshot initiative,’ committing to mobilise $500 million over five years to rapidly scale the mini-grid industry in rural Sub-Saharan Africa.

In a statement after the just-concluded Africa Climate Summit, the organisation said it was targeting to have 2,500 mini-grids in operation under the initiative. For Nigeria, it noted that it has now doubled its previous target to 1,000 mini-grids.

“Husk also plans to have 500 mini-grids in the Democratic Republic of Congo (DRC) and 250 each in four additional countries. Husk expects to close a total of $100 million in equity and debt capital later this year as a first major step toward achieving the Sunshot,” it said.

Manoj Sinha, Husk’s Co-founder and CEO, said: “Meeting the targets of the Africa Sunshot will require operational excellence from Husk, and we are ready to mobilise immediately.

“It will also need the active support of governments to get the right policies in place that integrate mini-grids as a central component of national electrification and energy transition plans.

“Finally, all investors, including development finance institutions, infrastructure funds, and commercial debt providers, must provide the appropriate quantum, tenure and cost of capital to meet these accelerated timelines,” it added.

Husk’s Nigeria Country Director, Olu Aruike said: “Now is the time to support a 10-fold increase in the mini-grid industry and supercharge low carbon and climate resilient growth in rural Africa. We’re already doing it at scale today in Nigeria, the world’s largest off-grid market, and it’s time to roll out that scale across the continent.”