The first investment under IFC’s $200 million DARES Platform will support Husk Power in deploying 108 solar hybrid mini grids, delivering affordable and reliable electricity to over 115,000 Nigerians.
In a major push to tackle Nigeria’s electricity access crisis, the International Finance Corporation (IFC), a member of the World Bank Group, has announced a $5 million investment in Husk Power Energy Systems Nigeria Limited (Husk Nigeria). Backed by the Government of Canada, this funding aims to scale up the deployment of solar hybrid mini grids in underserved communities across Northern Nigeria.
This strategic investment is the first under IFC’s newly launched Distributed Access through Renewable Energy Scale-up (DARES) Platform, a $200 million debt facility designed to boost private sector-driven renewable energy solutions across West and Central Africa. The platform complements the $750 million World Bank-financed Nigeria DARES Project, spearheaded by the Rural Electrification Agency, with a shared mission to provide reliable electricity access to over 17.5 million Nigerians through decentralized renewable energy systems.
The IFC funding will support Husk Nigeria in setting up and operating up to 108 solar hybrid mini-grid sites. These installations are expected to create around 28,750 new electricity connections, supplying clean, affordable power to approximately 115,000 people and businesses. Husk’s technology offers a greener and more cost-effective alternative to diesel generators, delivering at least 25% in energy cost savings while reducing carbon emissions.
With a total estimated project cost of $25 million, IFC’s contribution includes a $2.5 million senior loan from its own funds and a $2.5 million concessional subordinated loan from the Canada-IFC Renewable Energy Program for Africa. Structured as a revolving loan, this facility enables Husk to recycle funds throughout the project’s implementation period.
Ethiopis Tafara, IFC’s Regional Vice President for Africa, emphasized the broader vision behind this initiative, stating, “The DARES Platform represents an innovative solution to Africa’s persistent energy challenges. Partnering with a global leader like Husk allows us to deliver scalable, sustainable energy access across Nigeria and beyond.”
Manoj Sinha, Co-Founder and CEO of Husk Power Systems, highlighted the importance of flexible financing for industry growth: “This kind of blended, long-term capital is crucial for scaling mini-grid infrastructure. With IFC’s support, we’re significantly advancing toward our target of deploying 250MW of decentralized renewable energy in Nigeria.” Husk Nigeria Manager Olu Aruike echoed this sentiment, noting the impact on 108 new communities.
Nigeria, despite being Africa’s largest economy, still has the world’s highest electricity access gap, with over 85 million people lacking power. The DARES Platform aligns with the broader goals of the World Bank Group and African Development Bank’s Mission 300, which aims to connect 300 million Africans to electricity by 2030.
Beyond energy access, the initiative also promotes gender inclusion, support for women-led businesses, and job creation for women in the renewable energy sector—making it a holistic approach to sustainable development.