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United Capital Infrastructure Fund (UCIF), the infrastructure arm of United Capital Plc, a pan-African financial services group led by Nigerian investment banker Peter Ashade, has signed a N5 billion ($3.3 million) revolving, local currency debt facility with Husk Power Systems.
The deal, announced at the Africa Climate Summit (ACS2) in Addis Ababa, is the largest naira-denominated debt transaction in Africa’s community solar minigrid industry.
Unlike earlier financing arrangements in the sector, the Husk deal is structured as a revolving facility, allowing the company to draw down at least twice during the 10-year tenor. This gives Husk access to as much as N10 billion ($6.6 million) over the life of the agreement.
While solar home systems provider Sunking secured $80 million in local-currency loans earlier this year, Husk’s deal marks the first revolving debt facility designed specifically for community solar minigrids.
Expanding access to power
Husk plans to use the financing for its standalone minigrid projects in Nigeria before extending to interconnected minigrids and commercial and industrial solar developments. Access to long-term naira financing has been one of the industry’s biggest hurdles, limiting the pace of electrification in rural areas.
The Nigerian government has repeatedly highlighted community solar minigrids as vital to expanding energy access. Analysts at McKinsey, in a forthcoming report, identify them as one of the most cost-effective solutions for bringing electricity to millions still without reliable power.
United Capital’s first renewable energy investment
“This transaction underscores our commitment to advancing Nigeria’s renewable energy sector and expanding access to clean, reliable power,” said Uchenna Mkparu, Chief Investment Officer and Fund Manager of UCIF. “By providing affordable, long-term local currency debt to a market leader like Husk, UCIF is enabling scalable energy access for households, small businesses, farmers, and underserved communities across Nigeria. Our goal is to replicate this model to deliver up to 100MW of clean power by 2030.”
Manoj Sinha, Husk’s CEO and Co-Founder, called the financing a turning point. “Access to affordable, long-term, naira-denominated capital has been a critical bottleneck to scaling minigrids in Nigeria,” he said. “This facility marks a new era and provides the foundation for our Africa Sunshot initiative, under which we aim to build, own, and operate 1,000 minigrids in the country.”
The deal is UCIF’s first investment in renewable energy and aligns with its mandate to channel long-term local capital into infrastructure and sustainable projects across Sub-Saharan Africa.
Ashade’s leadership and United Capital’s growth
United Capital Plc, led by Group Chief Executive Officer Peter Ashade since 2018, has grown into one of Africa’s most active financial institutions. The firm reported half-year 2025 gross earnings of N23.76 billion ($15.74 million), up 56.9 percent from N15.15 billion ($10.03 million) a year earlier. Profit after tax rose to N11.88 billion ($7.87 million) from N7.73 billion ($5.12 million) in 2024.
UCIF, licensed by Nigeria’s Securities and Exchange Commission, is a N150 billion closed-ended fund targeting key infrastructure sectors including agribusiness, gas, captive power, healthcare, manufacturing, recycling, and renewable energy.
With the Husk partnership Ashade and his team have positioned United Capital as a pivotal player in financing Africa’s clean energy transition while strengthening the firm’s footprint in infrastructure investment.
