(Credit: Canva Pro)Nuru has secured funding for metrogrid scaling in the eastern Democratic Republic of the Congo and addressed the significant energy gap in the country.
Nuru, a renewable energy-powered metrogrid company in Africa, has recently closed a Series B equity funding round, raising over $40 million. The company expects to secure an additional $28 million in project finance by the end of the month. With less than 20% of the population having access to energy, Nuru's approach to renewable energy will unlock market potential and provide reliable, sustainable power to urban communities.
Nuru, which is Swahlii for light, has been working to enhance connectivity across the Congo. In 2017, Nuru employed the first solar-based mini-grid in the Congo and has since launched several other mini-grids across the region.
The Series B funding includes investments from renowned equity investors such as the International Finance Corporation, the Global Energy Alliance for People and Planet, the Renewable Energy Performance Platform, Proparco, E3 Capital, Voltalia, the Schmidt Family Foundation, GAIA Impact Fund, and the Joseph Family Foundation. These investors recognize the impact of Nuru's metrogrid model and are committed to expanding energy access and improving lives in the DRC.
The Series B funding for Nuru also validates the viability of the metrogrid model in the African distributed energy sector. Nuru remains dedicated to driving economic growth and empowering communities across the DRC.
Following the funding round, Nuru will commence construction on three transformative projects in Goma, Kindu, and Bunia, with a combined capacity of 13.7 megawatts.
The Bunia site will become the largest off-grid solar hybrid metrogrid in sub-Saharan Africa. This progress builds on Nuru's previous achievements, with their Series A funding in 2018 contributing to the development of their current metrogrid portfolio in Goma, Beni, Tadu, and Faradje.
Nuru's recent funding announcements come after initial investments from REPP, Proparco, and E3 Capital in March. These investments bridged the financing gap and paved the way for the successful Series B equity round. The involvement of various public and private sector funding partners, including the United Kingdom's Foreign, Commonwealth and Development Office and the European Union, demonstrates the collaborative effort to de-risk investments and promote private sector participation in addressing energy access challenges.
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