Nuru raises $40 million in a Series B equity funding

Nuru SASU, a solar company based in the Democratic Republic of Congo (DRC), whose aim is to provide connectivity to five million people by 2024, has secured $40 million in scale-up funding.

he funding for this project is provided by prominent equity investors who are leaders in the market. These investors include the International Finance Corporation (IFC), the Global Energy Alliance for People and Planet (GEAPP), the Renewable Energy Performance Platform (REPP), Proparco, E3 Capital, Voltalia, the Schmidt Family Foundation, the GAIA Impact Fund, and the Joseph Family Foundation. Additionally, IFC's equity investment is supported by the Finland-IFC Blended Finance for Climate Programme.

The allocated funds will be promptly utilized for three projects located in Goma, Kindu, and Bunia, with a cumulative capacity of 13.7 MWp. Notably, the Bunia site is expected to evolve into the largest off-grid solar hybrid metrogrid in sub-Saharan Africa. Moreover, the company foresees securing an additional $28 million in project finance before the end of the month. This anticipated funding will facilitate the expansion of the company's current operational assets and contribute significantly to the growth of the renewable energy market within the country.