Nuru, a renewable energy company based in the Democratic Republic of Congo (DRC), has secured $1.5 million in a convertible note round to build 13.7MWp of isolated solar-hybrid grids by mid-2024.
Nuru, founded in 2020, focuses on deploying and operating renewable energy-powered metrogrids in strategic urban zones of the DRC. The company aims to provide five million clients with world-class connectivity.
With the funds raised, Nuru plans 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.
The funds were provided by Renewable Energy Performance Platform (REPP), Proparco, and E3 Capital, each investing $500,000 to bridge the financing gap in the company's $25 million Series B equity round. The remaining funds will be invested by a group of international investors at the financial close.
Jonathan Shaw, co-founder and CEO of Nuru, expressed his enthusiasm for the partnership with REPP, Proparco, and E3 Capital. He said, “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.” The investment will help Nuru in its goal to provide energy access to people living in the challenging environment of the DRC.