Ahead of the completion of its Series B fundraising round, the energy business Nuru, located in the Democratic Republic of the Congo (DRC), secured an initial US $1.5 million from investors in a convertible note transaction, putting it on track to construct 13.7MWp of isolated solar-hybrid networks by mid-2024.
Nuru, a 2020 startup, installs and manages metrogrids powered by renewable energy in key urban areas of the DRC and aims to offer five million clients top-tier connections.
In order to support Nuru’s US $25 million Series B equity fundraising, Renewable Energy Performance Platform (REPP), Proparco, and E3 Capital have each opted to invest US $500,000 in the firm. An exceptional group of foreign investors will invest the remaining cash after the financial closing. With a combined installed capacity of 13.7MWp, three nationally vital late-stage development projects in Goma, Kindu, and Bunia will be able to go forward more quickly as a result of the rise.
“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 DR Congo,” said Jonathan Shaw, co-founder, and CEO of Nuru.
