Solar Mini-Grid Builder Husk Power To Receive $ 5 Million From FMO Bank For Development
Solar mini-grid provider Husk Power Systems has raised $ 5 million from FMO to expand its business in Africa. The company, which is based in Tanzania, intends to expand to other countries on the continent.
Solar solutions provider Husk Power Systems has secured $ 5 million in financing from FMO, the Dutch development finance bank. The funds will be used to expand the company’s mini-grid installation activities in Africa. Husk Power Systems already has an office in Dar es Salaam, Tanzania.
It offers its customers renewable energy plants with an electricity grid to supply several households. It also puts these off-grid solar systems to serve small and medium-sized businesses and small factories.
"Not only will this investment be a catalyst for Husk to achieve its ambitious mini-grid deployment plan, but it also gives us a partner with deep knowledge and experience in scaling up innovative energy technology companies. like Husk Power, ”said Manoj Sinha, the CEO of the company.
In 2018, the company has already secured $ 20 million from investors such as Shell, Swedfund and Engie for the development of its activities
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