Husk Power Systems announced that it has become the first mini grid company to achieve profitability. This major milestone is a testament to the sustainability and viability of Husk’s business model.
Husk, the owner of the largest fleet of community solar mini grids with 150 in operation, was EBITDA positive in its primary markets of Nigeria and India in Q4 of 2022. This is a significant achievement, especially considering the challenges posed by the COVID-19 pandemic and rising costs of capital.
Husk recently reported that it had doubled its fleet of solar hybrid microgrids in Nigeria and is now present in 12 communities.
Husk’s unique platform approach, which addresses the entire rural energy ecosystem, and its relentless focus on technology and business innovation have allowed it to boast the lowest cost of delivered energy and highest average revenue per user in the industry.
Husk says the achievement sends a clear signal to the market that rural mini grids are an asset class whose day has arrived, as well as an important contributor to net-zero growth for nearly 500 million unserved and under-served people in sub-Saharan Africa and Asia