Urja Daily
No Result
View All Result
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe
No Result
View All Result
Urja Daily
No Result
View All Result
Home News

IFC and Canada Back Husk to Drive Solar-Powered Growth in Rural Nigeria

Palak by Palak
May 15, 2025
in News
Reading Time: 3 mins read
0
IFC and Canada
Share on FacebookShare on TwitterShare on Linkedin

Abidjan, Cote d’Ivoire, India — The International Finance Corporation (IFC), a member of the World Bank Group, with the support of the Government of Canada, today announced a $5 million investment in Husk Power Energy Systems Nigeria Limited (Husk Nigeria), a subsidiary of Husk Power Systems Inc., to expand access to reliable, renewable energy in underserved communities across Nigeria.

The financing will support the rollout of Husk’s portfolio of solar hybrid mini grids in Northern Nigeria, helping address one of the country’s most urgent development challenges: access to electricity. It marks the first investment under the IFC Distributed Access through Renewable Energy Scale-up (DARES) Platform, a $200 million debt facility approved in November 2024 to catalyze private sector solutions across West and Central Africa.

RELATED POSTS

World Bank and IAEA Ink Pact to Promote Safe Nuclear Energy in Developing Nations

COMAU Unveils Innovative N-WG Welding Gun at Automatica 2025

The DARES Platform complements the World Bank-financed Nigeria DARES Project, a $750 million initiative launched in December 2023 and implemented by Nigeria’s Rural Electrification Agency. Together, these efforts aim to provide over 17.5 million Nigerians with new or improved electricity access through decentralized renewable energy (DRE) systems.

IFC’s financing package will enable Husk to develop and operate up to 108 mini-grid sites, resulting in approximately 28,750 new electricity connections and delivering clean, affordable energy to around 115,000 people and businesses. Husk’s solar hybrid mini-grids offer a cost-effective alternative to diesel generators, providing users with at least 25% in cost savings while significantly reducing greenhouse gas emissions.

The total project cost is estimated at $[25] million. IFC’s $5 million package includes a $2.5 million senior loan from its own account and a $2.5 million concessional subordinated loan from the Canada-IFC Renewable Energy Program for Africa. The facility is structured as a revolving loan, allowing Husk to repay and redraw funds multiple times during the project’s implementation.

“The DARES Platform is an innovative approach to tackling one of Africa’s most pressing challenges—energy access. By partnering with Husk, a leading renewable energy developer globally, through the first project under the DARES Platform, we are not only addressing the immediate electricity needs of underserved communities in Nigeria but also laying the foundation for a scalable model that can be replicated across the continent. This initiative underscores IFC’s commitment to advancing sustainable energy solutions through strong partnerships between the private sector, governments, and development institutions,”said Ethiopis Tafara, Regional Vice President of Africa, IFC.

“This innovative debt facility is exactly what the minigrid industry needs to scale — blended, long-term and affordable capital,” said Husk Co-Founder and CEO Manoj Sinha. “Access to working capital is critical for sustained and rapid growth. Adding 108 new communities to our minigrid portfolio with IFC support is an important step toward our goal of deploying at least 250MW of decentralized renewable energy projects in Nigeria.” said Olu Aruike, Manager, Husk Nigeria.

Despite being Africa’s largest economy, Nigeria has the world’s highest electricity access deficit, with over 85 million people living without power. Even those connected to the national grid often experience unreliable supply, prompting widespread reliance on expensive and polluting diesel generators.

The DARES Platform supports the World Bank Group and African Development Bank’s Mission 300, launched in April 2024, which aims to bring electricity access to 300 million people across Africa by 2030. The platform also promotes gender inclusion and productive energy use, with a focus on reaching female-headed households, supporting women-led MSMEs, and enabling job creation for women in the energy sector.

Tags: canadaDREElectricityIFCRenewable Energy
ShareTweetShare
Palak

Palak

Related Posts

World Bank

World Bank and IAEA Ink Pact to Promote Safe Nuclear Energy in Developing Nations

by Palak
June 28, 2025
0

The World Bank has signed a memorandum of understanding with the International Atomic Energy Agency (IAEA) to advance the safe...

COMAU N-WG Welding Gun

COMAU Unveils Innovative N-WG Welding Gun at Automatica 2025

by Palak
June 27, 2025
0

Comau’s patented, modular solution is designed to reduce total cost of ownership through improved efficiency and lower operating costs The...

JSW Ventures

StayVista Raises Over INR 40 Cr in Funding Round Led by JSW Ventures

by Palak
June 27, 2025
0

Mumbai (India) : StayVista has raised over INR 40 Cr in Series B funding, led by JSW Ventures, with participation...

EIA Data

EIA Data Reveals Record-Breaking Renewable Energy Generation in April

by Palak
June 27, 2025
0

Washington DC – A review by the SUN DAY Campaign of data just released by the U.S. Energy Information Administration (EIA)...

Sustain Labs Paris

Sustain Labs Paris Unveils 2025 Climate Leaders Cohort with 47% Indian Representation

by Palak
June 27, 2025
0

Delhi : Sustain Labs Paris (SLP), the world’s largest sustainability-focused venture builder, has unveiled the 2025 cohort of its prestigious Climate...

Next Post
Pankaj Goyal, Co-Founder & COO of AutoNxt Automation

From Diesel to Electric: The Economic Case for Switching to EV Tractors in India

Saleem Ahmed

ESSCI Celebrates Launch of Sixth Semiconductor Unit, Projects 1 Lakh+ Jobs by 2030

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

THDC

THDC Inks Deals for 184.08 MW Green Power Supply from Tehri PSP

June 28, 2025
World Bank

World Bank and IAEA Ink Pact to Promote Safe Nuclear Energy in Developing Nations

June 28, 2025

MOST VIEWED

  • Hydrom

    Hydrom and Thyssenkrupp Nucera Partner for Green Hydrogen Projects in Oman

    0 shares
    Share 0 Tweet 0
  • SFC India Selected Dassault Systèmes for Indigenization and Digital Transformation of Wastewater Treatment Plants

    0 shares
    Share 0 Tweet 0
  • Juniper Green Energy Secures 1 GW Solar Module Deal with First Solar

    0 shares
    Share 0 Tweet 0
  • PGCIL Wins ISTS Project for Renewable Energy Integration in Karnataka

    0 shares
    Share 0 Tweet 0

THDC Inks Deals for 184.08 MW Green Power Supply from Tehri PSP

World Bank and IAEA Ink Pact to Promote Safe Nuclear Energy in Developing Nations

Toyota Kirloskar Motor Partners with Ohmium to Advance Green Hydrogen Solutions in India

NSE Waives Transaction Charges on Electricity Futures Until December 2025

COMAU Unveils Innovative N-WG Welding Gun at Automatica 2025

An Exclusive Interview with Rachna Kango | Delta Electronics India Private Limited

Latest Magazine

© 2016 – 2025 TechZone Print Media | All Rights Reserved

  • About Us
  • Contact Us
No Result
View All Result
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe

© 2016 - 2025 TechZone Print Media | All Rights Reserved