Nuru, an energy startup in the Democratic Republic of Congo (DRC) has raised $40 million in equity in partnership with the International Finance Corporation (IFC).
In addition, Nuru announced that it was expecting an additional $28 million in project finance by the end of July.
Emerging Brand Africa established that the funds, will enable the company to implement various projects including transformational projects in Goma, Kindu, and Bunia.
Moreover, the projects have a combined capacity of 13.7 MWp.
Nuru’s Co-founder and CEO Jonathan Shaw welcomed the partnership with IFC and the consortium of investors.
Shaw described it as a significant milestone in the company’s long term vision of providing reliable-renewable energy to the population in DRC.
“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 5 million lives in the DRC, Jonathan Shaw noted.
“Together, we will continue to illuminate lives, drive economic growth, and empower communities across the DRC.”
On his part, IFC’s Country Manager for DRC Malick Fall reiterated the need to expand access to electricity in DRC and the importance of reliable electricity to the economy.
“IFC’s support for Nuru will play a pivotal role in helping to bridge the energy access gap by using an innovative business model, new technology and more climate-friendly power sources,” the IFC Official noted.
Nuru’s Game-changing Vision
Since 2015, Nuru has carried the vision of providing renewable and reliable energy to communities in the vast DRC which have little or no access to electricity.
Currently, Nuru intends to provide electricity to five million people in DRC by September 2024 to unlock the market potential across the country.
To achieve this goal, the firm has invested in mega projects featuring utility-scale solar metrogrids, with the capacity to provide energy across the nation and at the same time fostering climate resilience and sustainable development.
What’s more, one of its projects in Bunia will be the largest off-grid solar hybrid metrogrid in sub-Saharan Africa.