Energy company Nuru, based in the Democratic Republic of the Congo (DRC), has raised US $40 million in equity funding in an effort to reach its target of giving five million people in the nation access to electricity every day.
Nuru, which was formerly known as Kivu Green Energy and was established in 2015, deploys and manages metrogrids in key DRC urban areas that are powered by renewable energy. In 2017, it constructed the first mini-grid in the nation.
The utility-scale solar mini-grids offered by the company are made to supply communities where they are installed with consistent, renewable energy around-the-clock. The largest mini-grid in sub-Saharan Africa without a connection to a main grid was created when it opened a 1.3-megawatt facility in the city of Goma in 2020.
The Global Energy Alliance for People and Planet (GEAPP), the Renewable Energy Performance Platform (REPP), Proparco, E3 Capital, Voltalia, the Schmidt Family Foundation, GAIA Impact Fund, and the Joseph Family Foundation led Nuru’s US $40 million Series B round.
The company hopes to close off an additional $28 million in project finance by the end of July, despite the fact that the IFC’s equity investment also includes funding from the Finland-IFC Blended Finance for Climate Programme.
The funds raised will be used to construct three mini-grids in the eastern DRC cities of Bunia, Kindu, and Goma. The total generation capacity using solar energy and batteries will be 13.7 megawatts.
“We are thrilled to partner with such a dynamic group of investors who are keen to drive our vision of expanding energy access and transforming five million lives in the DRC. Closing the Series B is a significant milestone in Nuru’s journey, but also demonstrates the viability of the metrogrid model in the distributed energy sector in Africa,” said co-founder and CEO Jonathan Shaw.
“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.”
