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EIB Allots $20 Million for Solar Mini-Grid Electrification

A $20 million loan for electricity through solar photovoltaic community mini-grids has been granted by the European Investment Bank (EIB) as part of a Series D fundraising campaign initiated by Husk Power, an American company. 
Businesses like Husk Power are investing in off-grid solar systems that can power rural communities, while 90 million Nigerians still lack access to energy. The American company is getting a $20 million loan from the European Investment Bank (EIB) as part of its operations in Nigeria.
The financing is a component of the Global Gateway policy of the European Union (EU), which aims to "establish sustainable and reliable links with partner countries." The European Union has committed to spending €900 million on energy, transportation, and education in Nigeria by 2022. As part of Husk Power's Series D fundraising campaign, the EIB also approved a $20 million loan to support the company's operations in Nigeria.
Vice-President of the European Investment Bank Ambroise Fayolle states that "thousands of homes and businesses will benefit from more reliable access to solar energy and battery storage, avoiding the need for more expensive diesel generators" as a result of this funding. At least 150 towns should be able to get electricity thanks to the $20 million loan. 
Husk intends to extend appliance sales to homes and small companies, install rooftop solar panels for commercial and industrial (C&I) clients, and provide value-added services like e-mobility and agri-food in addition to electrification. The Manoj Sinha-led Corporation declared in 2023 that it aimed to electrify 500 rural areas in Nigeria within the next five years. In the nation of West Africa, Husk currently manages 20 mini-grids that run on solar electricity.
Source : www.blacknz.com
Posted On: 4/5/2024 12:00:00 AM

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