Nuru: Lighting Up DRC's Urban Areas with Solar
- Renewable energy-powered metrogrid company Nuru has secured $40 million in Series B equity funding to construct 13.7 MWp of projects in the eastern Democratic Republic of the Congo, providing reliable and renewable energy to urban communities and promoting climate resilience and sustainable development.
Nuru, a renewable energy-powered metrogrid company in Africa, has secured over $40 million in Series B equity funding and expects to close an additional $28 million in project finance soon. The funds, provided by investors including GEAPP, IFC, and other market leaders, will enable Nuru to begin construction on 13.7 MWp of projects, expanding its existing assets in the eastern Democratic Republic of the Congo (DRC) and addressing the country's significant energy gap. With less than 20% of the DRC's population having access to energy, Nuru's solar metrogrids aim to provide reliable and renewable energy to urban communities, promoting climate resilience and sustainable development.
Following the successful funding round, Nuru will immediately commence work on three transformative projects in Goma, Kindu, and Bunia, which will collectively have a capacity of 13.7 MWp. The Bunia site is set to become the largest off-grid solar hybrid metrogrid in sub-Saharan Africa. Nuru's previous investments, including the Series A led by E3 Capital in 2018, have played a crucial role in establishing its current operating metrogrid portfolio in Goma, Beni, Tadu, and Faradje. Additional support from organizations like REPP, Proparco, and E3 Capital in March helped bridge the financing gap and strengthen the Series B equity fundraise.
Overall, Nuru's latest funding milestone signifies a significant step towards meeting the energy needs of the DRC and promoting sustainable development in the region.
How is Nuru Advancing Sustainable Energy in DRC?
Now Nuru is advancing sustainable energy into DRC. This is how:
- Secured over $40 million in Series B equity funding and an additional $28 million in project finance
- Will begin construction on 13.7 MWp of projects, expanding its existing assets in the eastern Democratic Republic of the Congo (DRC)
- Aim to provide reliable and renewable energy to urban communities, promoting climate resilience and sustainable development
- Projects in Goma, Kindu, and Bunia will collectively have a capacity of 13.7 MWp
- Bunia site will become largest off-grid solar hybrid metrogrid in sub-Saharan Africa
- Additional support from organizations like REPP, Proparco, and E3 Capital helps bridge the financing gap
- Funding milestone signifies a significant step towards meeting the energy needs of the DRC and promoting sustainable development in the region
