Nuru’s 3 DRC grids get funding
Nuru has announced Series B equity funding for the construction of 13.7 MWp of DRC mini-grid projects.
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Democratic Republic of the Congo, Goma: Nuru has announced Series B equity funding for the construction of 13.7 MWp of DRC mini-grid projects.
The renewable energy-powered metrogrid company Nuru has successfully closed Series B equity funding and anticipates additional project financing to start constructing 13.7 MWp of mini-grid projects in the Democratic Republic of the Congo (DRC).
Nuru announced the $40 M in Series B equity funding and expects the additional $28 M in project financing. The funds will allow them to begin working on three projects in Goma, Kinu, and Bunia, with a combined capacity of 13.7 MWp. The Bunia site will become the largest off-grid solar hybrid metrogrid (utility-scale urban mini-grid) in sub-Saharan Africa.
GEAPP’s Vice President for Africa, Joseph Nganga, explained the DRC suffers from one of the lowest electrification rates in the world (as less than 20 % of the DRC’s population has access to energy), with global supply issues hampering its immense renewable energy potential. “GEAPP’s contribution to Nuru’s Series B fundraiser, alongside an impressive slate of market-leading investors, will help communities connect and transition to reliable renewable energy. By working together at pace, we can lift millions of people out of poverty, transform livelihoods and drive economic growth in DRC, and across the region.”
Joseph Family Foundation’s President, Adrianne Ryder-Cook, said access to electricity, particularly from sustainable and climate-sensitive renewable energy, is fundamental for the future of the eastern DRC. “The Congo River Basin holds the second largest rainforest in the world and is one of the lungs of our planet. The metrogrid projects in Bunia, Kindu, and Goma will create positive, transformative change and advance Nuru in its goal to reach more than five million people.”
The company’s utility-scale solar metrogrids, integrated with cutting-edge technology and services, are designed to provide 24/7 reliable and renewable energy to DRC’s urban communities, fostering climate resilience and sustainable development.
Jonathan Shaw, co-founder and CEO of Nuru, said closing the Series B is a significant milestone their journey, but also demonstrates the viability of the metrogrid model in the distributed energy sector in Africa. “Nuru extends its heartfelt appreciation to the consortium of investors for their visionary support and unwavering commitment to Nuru’s vision. Together, we will continue to illuminate lives, drive economic growth, and empower communities across the DRC.”
Source: ESI Africa