Nuru Secures $40 Million Investment to Expand Project Portfolio in the DRC
Nuru will be able to continue developing its portfolio of projects in the Democratic Republic of Congo (DRC). The electricity access provider based in Goma in the province of North Kivu has closed its Series B financing round with an investment of $40 million.
In addition to the International Finance Corporation (IFC) and Proparco, which announced their investments at the Summit for a New Global Financial Deal in Paris, the deal attracted several other investors.
These include the Renewable Energy Performance Platform (REPP), the Global Energy Alliance for People and Planet (GEAPP), E3 Capital and the GAIA Impact Fund.
French renewable energy producer Voltalia is also investing in Nuru. The same applies to the Schmidt Family Foundation and the Joseph Family Foundation.
The IFC is making its investment with part of the funds from the blended climate finance programme it has set up with Finland.
Electrification of three towns using renewable energies
“Closing Series B is an important milestone in Nuru’s journey, but it also demonstrates the viability of the meta-grid model in the distributed energy sector in Africa,” says Jonathan Shaw, co-founder of Nuru.
In the east of the DRC, the company develops, builds and operates metropolitan electricity networks powered by hybrid solar energy.
With its first financing rounds in 2018, and more recently from Proparco, REPP and E3 Capital, Nuru has been operating a hybrid solar-powered electricity grid (1.3 MW) in the city of Goma since 2020.
With this Series B financing, Nuru intends to accelerate the construction of its electricity networks in the cities of Goma, Kindu and Bunia.
The aim is to put in place an installed capacity of 13.7 MW to electrify the population and businesses. Bunia is expected to be home to the largest metropolitan network in this financed portfolio.
Nuru plans to raise a further $28 million by the end of July 2023 to support the development of its activities. The Goma-based company also wants to provide access to electricity for the populations of Beni, Tadu and Faradje.
According to Power Africa, the DRC is currently one of the least electrified countries in sub-Saharan Africa, with an electrification rate of just 9% (including 19% in urban areas).
