Transaction Summary
The International Finance Corporation (IFC) provided a $5 million revolving debt financing to Husk Power Energy Systems Nigeria Ltd (Husk), the Nigerian subsidiary of Husk Power Systems Pvt. Ltd., a global solar mini-grid developer. This financing comprises a $2.5 million senior loan directly from the International Finance Corporation (IFC) and a $2.5 million concessional subordinated loan via the Canada-IFC Renewable Energy Program for Africa. The senior loan is the first investment under IFC's new Distributed Access through Renewable Energy Scale-up (DARES) platform, a $200 million debt initiative focused on mini-grid projects in West and Central Africa. Husk designs, builds, owns, and operates solar-hybrid mini-grids, supplying decentralised renewable electricity to rural and underserved regions. The $5 million investment will support the expansion of Husk’s operations in Nigeria, financing the development of up to 108 additional mini-grids in Northern Nigeria, and is expected to deliver electricity access to approximately 115,000 people and
