United Capital Infrastructure Fund (UCIF) has signed a ₦5 billion ($3.2m) revolving, naira-denominated debt facility with Husk Power Systems, marking the largest-ever local currency debt deal in Africa’s community solar mini-grid sector. Announced at the Africa Climate Summit in Addis Ababa, it represents UCIF’s first renewable energy investment.
The innovative revolving structure allows Husk to draw down at least twice during the 10-year tenor, raising the facility’s potential to ₦10bn ($6.4m). Initial capital will fund Husk’s standalone mini-grids in Nigeria, before scaling to interconnected mini-grids and C&I solar projects. The financing tackles a key bottleneck—lack of affordable, long-term naira debt—that has slowed the mini-grid industry’s growth.
The deal will accelerate Husk’s Africa Sunshot initiative, targeting 1,000 mini-grids in Nigeria, while supporting the government’s energy-access priorities. For UCIF, it sets a precedent for replicable local financing models aimed at delivering up to 100MW of clean power by 2030. The facility is expected to expand sustainable electricity access for households, SMEs, and rural communities, positioning community mini-grids as one of Nigeria’s lowest-cost electrification pathways.
