Husk Power Systems, the world’s largest mini-grid operator with around 400 units operationalised in India and other South Asian countries as well as Africa, is looking to double capacity in 2025. The company plans to come out with an initial public offering (IPO) in 2027, chief commercial officer Anubha Shukla told FE.
Additionally, the company has diversified into residential solar division — BEEM — to cater to the expanding residential rooftop solar market, especially after the launch of the PM Surya Ghar Muft Bijli Yojana. “We have launched BEEM which offers a range of products that are specifically designed for Indian homes that could be delivered and installed in a very quick manner,” Shukla said.
She said the company is in the process of installing about 150 mini-grid projects. “For now, majority of these projects are in Uttar Pradesh and Uttarakhand. Within this year (2025), we are expecting to do about another 1,000 rooftops or so,” she said.
Shukla said the company intends to become the largest rooftop solar player in the country. In 2026, Husk is targeting 10,000 rooftop solar installations and taking it to 50,000 by 2027. “We do not want to be just a mini-grid company. We want to provide energy services. Within the energy umbrella, we have been powering communities, targeting commercial and industrial players, irrigation pumps, and residential customers with BEEM,” she said.
The company is also looking to raise $400 million as a part of its series G funding as it expands its operations across India and Africa. “We are just starting to look at our series G financing for $400 million which is going to be a large round. Even within the series G financing, just for this project itself (BEEM), we are looking to invest about $10-20 million over 2025 and 2026 in order to scale up,” Shukla said, adding they will be starting the process this year or early next year.
Within the country, the company plans to expand its rooftop solar operations in Madhya Pradesh, Uttarakhand, Maharashtra, and Gujarat within the next 6-10 months. Other than that, the country is looking to expand in a couple more countries in Africa and south-east Asia. “We plan to be a country level player. We have e-commerce capability and we have infrastructure to be able to install anywhere in the country. In Africa, we are looking to enter a couple more countries. Congo and Zambia are two countries we are looking to expand,” Shukla said.
Mini-grid continues to be Husk Power’s core business and the company is looking at doing integrated mini-grids as well as metro grids in India and Africa to cater to larger customers. Shukla observed that geopolitical uncertainties and trade conflicts had made the supply chain more chaotic. “Prices limit your ability to plan complexity,” she said.