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					</table><p><a href="https://huskpowersystems.com/" target="_blank" rel="noopener">Husk Power Systems</a><u>,</u> a solar microgrids operator, has secured a $750,000 loan from German Investment Corporation &#8211;  Deutsche Investitions- und Entwicklungsgesellschaft (<a href="https://www.deginvest.de/" target="_blank" rel="noopener">DEG</a>) to support the company’s expansion of India operations and build eight new community solar microgrids in Nigeria.</p>
<p>The company currently operates more than 120 microgrid sites across rural North and East India with a total power capacity of 3.6 MW.</p>
<p>The funds were allocated from DEG’s up-scaling program, which is co-financed by the <a href="https://www.bmz.de/en" target="_blank" rel="noopener">Federal Ministry for Economic Cooperation and Development</a>.</p>
<p>The loan with a five-year tenure loan follows Husk’s successful closing of $10.3 million debt from <a href="https://mercomindia.com/husk-power-6-million-debt-facility-solar-microgrids/" target="_blank" rel="noopener">EDFI-ElectrIFI</a> and <a href="https://mercomindia.com/husk-power-secures-debt-financing/" target="_blank" rel="noopener">IREDA</a> in 2022 to build over 200 microgrids in India.</p>
<p>This is the first debt raised by Husk for its business in Nigeria, where the company currently has 12 operational microgrids with a target of building 500 by 2026.</p>
<p>The eight microgrids in Nigeria will connect more than 500 residential and commercial customers and reduce the number of diesel generators in use by 400 while creating about 40 new direct local jobs.</p>
<p>“Access to affordable debt is critical to scaling solar microgrids in Nigeria, home to 90 million people living without access to electricity,” said Manoj Sinha, Co-Founder, and CEO, of Husk.</p>
<p>“This ﬁnancing provides Husk with a solid foundation for unlocking additional debt, including local currency debt, this year and beyond,” Sinha added.</p>
<p>DEG is an impact and climate investor, ﬁnancing and advising private enterprises in developing and emerging-market countries for over 60 years. With a portfolio of around €9.2 billion, they are one of the world’s largest private-sector development ﬁnanciers.</p>
<p>“Husk is exactly the type of company we’re looking for at the up-scaling program, which supports innovative greentech business models in emerging markets that demonstrate high development impact and a signiﬁcant reduction of carbon emissions,” Petra Kotte, Head of Banking and German Business Division, DEG, said.</p>
<p>Husk Power was <a href="https://mercomindia.com/mercom-india-solar-awards-2022/" target="_blank" rel="noopener">declared</a> the winner at Mercom India Solar Summit 2022, in the best off-grid project category, for its solar hybrid microgrid in Aurai village in Bihar.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Husk Power Secures $750,000 in Debt Financing to Expand Operations

<p><a href="http://new.abb.com/" target="_blank" rel="noopener">ABB</a>, a Swedish-Swiss multinational corporation, has announced the successful commissioning of the country’s first industrial solar microgrid at its Vadodara manufacturing facility, located in the western state of Gujarat.</p>
<p>Microgrids with integrated battery energy storage offer industrial and business establishments a viable solution to mitigate planned and unplanned power outages that negatively affect their operations. A significant and attractive benefit of using microgrids is the reduction in overall operational costs and reduced spend on electricity bills.</p>
<p>The microgrid’s rooftop photovoltaic field and its battery energy storage system will support the factory’s productivity and enable green power supplies in the evening hours or during cloudy periods during the day.</p>
<p>“The microgrid is the first of its kind to be installed at a manufacturing campus in India and will harness the area’s abundant solar energy supply to help the expanding factory meet its growing electricity needs, while lowering its carbon footprint,” the company stated in a media release.</p>
<p>The Vadodara factory is ABB’s largest facility in India with a workforce of over 3,000 employees. The company <a href="https://mercomindia.com/abb-smart-factory-bengaluru/" target="_blank" rel="noopener">recently</a> opened a smart factory designed to produce electrical safety and energy efficiency products in Karnataka’s capital city of Bengaluru.</p>
<p>ABB manufactures critical power equipment like transformers, high voltage products, distribution relays, motors, generators, and turbochargers at the Vadodara facility. The facility’s carbon footprint is now expected to be reduced by around 1,400 tons of carbon dioxide per year.</p>
<p>“Growth demands power and access to clean, reliable electricity sits at the heart of India’s economic development,” said Claudio Facchin, President of ABB’s Power Grids Division, in the media statement.</p>
<p>In January 2018, Mercom had <a href="https://mercomindia.com/63-micro-grids-installed-in-india/" target="_blank" rel="noopener">reported</a> about the government’s efforts to promote solar microgrids in the country. Speaking in the Lok Sabha, Union Minister of Power R.K. Singh had then apprised the House that 63 solar microgrids totaling 1,899 kWp have been installed in the country so far.</p>
<p>Off-grid solar is the solution to secure reliable electricity for vast portions of the country, and both multinationals and the government are supporting the off-grid solar segment through policies and funding.</p>
<p>Off-grid solar has a bright future in the relatively under-developed regions of the country as it is difficult to provide grid power to remote areas where the topography is challenging to deploy power transmission infrastructure.</p>
<p>Image credit: ABB</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/ankita/" class="vcard author" rel="author"><span class="fn">Ankita Rajeshwari</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2018/03/ankita-edited-1.png" alt="Ankita Rajeshwari" /> Ankita is an editor at MercomIndia.com where she writes and edits clean energy news stories and features. With years of experience in the news business, Ankita has a nose for news and an eye for detail. Prior to Mercom, Ankita was associated with The Times of India as a copy editor for the organization’s digital news desk. She holds a Bachelor’s degree in Psychology from Delhi University and a Postgraduate Diploma in journalism. <a href="https://mercomindia.com/author/ankita/">More articles from Ankita Rajeshwari.</a></p>
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ABB Commissions India’s First Industrial Solar Microgrid in Vadodara

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