The Democratic Republic of Congo (DRC)-based energy company Nuru is on track to build 13.7MWp of isolated solar-hybrid grids by mid-2024 after securing an initial US$1.5 million from investors in a convertible note round ahead of the close of its Series B funding round.
Founded in 2020, Nuru deploys and operates renewable energy powered metrogrids in strategic urban zones of the DRC. and is seeking to provide five million clients with world-class connectivity.
Renewable Energy Performance Platform (REPP), Proparco and E3 Capital have each decided to invest US$500,000 in Nuru, bridging a financing gap to bolster the company’s US$25 million Series B equity fundraise. The residual funds will be invested by an impressive consortium of international investors at financial close. The raise will help to accelerate the implementation of three nationally strategic late-stage development projects in Goma, Kindu and Bunia, with an aggregate installed capacity of 13.7MWp.
“Nuru is thrilled to have partners like REPP, Proparco, and E3 Capital empowering us to deliver life-changing energy access in an extremely challenging environment. REPP, Proparco, and E3 Capital have demonstrated tangible commitments to helping Nuru achieve our mission of delivering reliable, affordable, renewable energy to five million people in the DR Congo,” said Jonathan Shaw, co-founder and CEO of Nuru.