Biggest Mini-Grid Firm Aims to Raise $400 Million, Plans IPO (1)

Husk Power Systems, the world’s biggest solar mini-grid operator, aims to raise an industry record of as much as $400 million in debt and equity this year as it expands across India and Africa.

The capital raise, which will be a mix of equity and debt, comes ahead of a planned initial public offering in 2027 and after it more than doubled its staff and revenue last year and increased the number of mini-grids it operates to 400 from 200.

“That’s the capital we need to be able to go and expand with our new aspirations based on the ...