77 | September 2025 | www.industrialoutlook.in
P R
RESS ELEASE
UNITED CAPITAL INFRASTRUCTURE FUND (UCIF) AND
HUSK ANNOUNCE GROUND-BREAKING LOCAL
CURRENCY DEBT FACILITY TO SCALE SOLAR
MINIGRIDS IN NIGERIA
United Capital Infrastructure Fund
(UCIF) has announced the signing
of a ₦5 billion (approximately $3.2
million) revolving, local currency
debt facility with Husk, the world’s
largest private-sector minigrid oper-
ator and a pioneer in distributed
renewable energy. The revolving
facility is the first Naira-denominat-
ed debt instrument of its kind and
marks a significant step forward in
accelerating Nigeria’s efforts to
scale the community solar minigrid
industry.
Announced on the sidelines of the
Africa Climate Summit (ACS) in
Addis Ababa, the facility was joint-
ly developed by the two institutions
to address a market gap, affecting
the delivery and scaling of solar
minigrids. Husk is the first minigrid
developer in Nigeria to access this
novel local currency facility from
UCIF. For UCIF, this transaction
reflects its broader mandate to
channel long-term local currency
financing into projects that expand
clean energy access and accelerate
sustainable
development
across
Nigeria and Sub-Saharan Africa.
The revolving loan has a tenure of
10 years, during which Husk
expects to redeploy the capital
twice. Initial deployments will be
used to build out Husk’s standalone
minigrid pipeline in Nigeria, with
expansion plans to include intercon-
nected
minigrids
(IMGs)
and
commercial and industrial (C&I)
solar projects.
Speaking on this landmark transac-
tion,
Uchenna
Mkparu,
Chief
Investment Officer and Fund Man-
ager of the United Capital Infra-
structure Fund, said: “UCIF is
excited to announce its maiden
investment
in
the
Renewable
Energy Sector. This transaction
underscores our commitment to
advancing
Nigeria’s
renewable
energy sector and expanding access
to clean, reliable power. By provid-
ing affordable, long-term local
currency debt to a market leader
like Husk, UCIF is creating impact
by enabling scalable, sustainable
energy
access
for
households,
SMEs, smallholder farmers, and
underserved communities across
Nigeria. It is our goal to replicate
this novel facility structure to deliv-
er up to 100MW of clean power by
2030.”
From the developer’s perspective,
Husk CEO & Co-Founder Manoj
Sinha
highlighted
the
broader
industry significance, noting:
“Access to affordable, long-term,
Naira-denominated capital has long
been a critical bottleneck to scaling
private-sector minigrids in Nigeria.
This facility marks a new era for the
industry
and
provides
strong
momentum
for
Husk’s Africa
Sunshot initiative, under which we
aim to build, own, and operate
1,000 minigrids in Nigeria.”