Nigerian mini-grid developer reports profit
Husk Power sees positive Q4 2022 income in Nigerian operations after deploying first mini-grids and launching Sunshot initiative to build 500 more by 2026.
Image source: Energy & Utilities
Nigeria, Abuja: Husk Power sees positive Q4 2022 income in Nigerian operations after deploying first mini-grids and launching Sunshot initiative to build 500 more by 2026.
Husk Power Systems, the US-based mini-grid developer, has announced that its Indian and Nigerian mini-grid businesses have become profitable. The company, which deploys clean energy mini-grids in rural communities, recorded a positive operating income (EBITDA) in its two main markets of Nigeria and India in Q4 2022, according to a company statement released on the 24th of January.
“Becoming profitable shows that there is a clearer pathway to quickly achieve scale in the Nigerian market,” says Olu Arike, Husk Power’s Nigerian Country Director. “Our mini-grid profitability has been driven wholly by our laser-focused approach on reliable power as the building block and encouraging innovation across the value chain from project delivery to plant operations,” he added.
Nigeria’s Energy Transition Plan has set a target of 7 GW for mini-grid generation by 2050.
Source: Energy & Utilities
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