POWER

Husk Power to raise $110 mn in 2021; Aims to become first profitable minigrid company

Husk Power Systems, the operator of renewable energy minisgrids in Asia and Africa, today announced it plans to raise $50 million in equity and $60 million in debt in 2021 in order to continue growth at a Compounded Annual growth Rate (CAGR) of 100 per cent.

The company announced its revenue grew 90 per cent growth while commercial business customers quadrupled in 2020. It aims at becoming the first minigrid company in India to become operationally profitable this year.

“In the face of a pandemic and a global economic downturn, Husk Power and its customers not only weathered these challenging times, but saw record growth that positions the company for an even stronger year ahead,” CEO Manoj Sinha said, adding the firm is forecasting 125 per cent revenue growth in 2021.

The company said the growth was a result of a plan that involved identifying secondary sources of revenue, hiring additional staff to cover unexpected events, acquiring distressed projects during the pandemic, and diversifying its supply chain for a variety of components.

Husk Power ended 2020 with more than 5,000 small business customers, a 300 per cent growth over 2019, and expects that number to surpass 12,500 over the next year.

Source
ET Energy World
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