Husk Power Systems (FMO-53359)

Countries
  • India
Where the impacts of the investment may be experienced.
Specific Location
Uttar Pradesh, and Bihar (India) and Tanzania
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 20, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Husk Power Systems Inc.
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Corporate Actor Documents
Primary Source

Original disclosure @ FMO website

Updated in EWS Sep 24, 2019

Disclosed by Bank Apr 18, 2018


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Project Description

According to the bank document, Husk is seeking to scale up and expand the number of hybrid mini-grids drastically in the next few years, both in India as well as in Tanzania. Proceeds of the fundraising will be predominantly used to finance the capital expenditures related to the ambitious mini-grid roll out plan.

Investment Description
  • Netherlands Development Finance Company (FMO)

The Company will complete its USD25m fundraising with FMO’s investment of USD 5m. 

Private Actors

Founded in 2008, Husk Power Systems Inc. ("Husk" or "the Company") is an established mini-grid company with operations in India (Uttar Pradesh, Jharkhand and Bihar states) and Tanzania. The source of 24/7 AC power solution is by combining a biomass gasification installation with a solar PV plant and battery in its hybrid mini-grids.

Contact Information

*There is no further information being disclosed at this stage of the project, the project's contact info*

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism