Allocators

Swedfund Invests in Renewable Electricity

Stockholm (NordSIP) – Swedfund, the Swedish development financier providing funding, expertise and support for investments in emerging markets, has invested $20 million in Husk Power Systems, a leading mini-grid electrification company operating in rural regions in India and Tanzania. The investment is being made together with Shell Technology Ventures LLC and ENGIE Rassembleurs d’Energies.

Husk Power Systems began operations in Bihar and Uttar Pradesh in 2008, and has been operating in Tanzania over the past few years. Husk produces and distributes renewable electricity via a hybrid-type of mini-grid whose main power source is daytime solar cells. A biomass plant, whose surplus energy is stored in batteries that provide electricity to customers during night-time, supplements the daytime solar cells.

“Access to reliable electricity spurs development and is central to creating jobs, increasing gender equality and reducing poverty,” commented Swedfund CEO Gerth Svensson in a press release. “We are very pleased with the opportunity to be part of Husk’s expansion, where our long-term capital and extensive experience with developing sustainable companies will produce a multiplier effect that will benefit society as a whole.”

1.2 billion people globally lack reliable electricity. The Swedfund/Shell/ENGIE investment equips Husk Power Systems for further expansion, with over 300 additional mini-grids planned in India and Tanzania corresponding to 15 MW of renewable energy, or a reduction of 150,000 tonnes of CO2 emissions annually.

“Together with our strategic partners, I am convinced we can achieve our vision of becoming one of the world’s largest power companies offering rural areas 100% renewable energy at a reasonable price, in ways that also promote inclusive and sustainable growth in development markets,” added Husk CEO Manoj Sinha.

Image: (c) Saida Shigapova-shutterstock.com

 

 

 

HedgeNordic Round Table
2 Comments

2 Comments

  1. Pingback: The Week in Green (January 26th edition) | NordSip

  2. Pingback: Swedfund Aims to Develop Cambodian Microfinance | NordSip

Leave a Reply

Your email address will not be published.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

Nordic Business Media AB
Corporate No.: 556838-6170
BOX 7285
SE-103 89 Stockholm, Sweden

VAT No.: SE-556838617001
Tel.:+46 (0) 8 5333 8688
Mob.: +46 (0) 7 06566688
email: info@nordsip.com

About NordSIP

NordSIP stands for Nordic Sustainable Investment Platform. The platform serves as the information link and connection hub between institutional investors and managers offering sustainable investment products, and as a reference point for the high interest across the asset management spectrum and beyond, viewed from the Nordics.

Subscribe to Our Newsletter

Copyright © 2018 Nordic Business Media AB

To Top