The Democratic Republic of Congo’s (DRC) energy company Nuru has secured US$40 million for the construction of a 13.7 MWp project.
After this series B equity funding, Nuru will begin work on three projects in the eastern cities of Goma, Kindu, and Bunia. Nuru claimed that the Bunia project will become the largest off-grid solar hybrid metrogrid in sub-Saharan Africa.
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The funds came from equity investors such as International Finance Corporation (IFC), the Global Energy Alliance for People and Planet (GEAPP), and the Renewable Energy Performance Platform (REPP), to name a few.
According to an analyst from the IFC, a metrogrid is a small-scale power generation and distribution system consisting of variable renewables, energy storage systems, and distribution facilities near load centres. It requires the installation of a hybrid plant and a distribution power grid around the city to reach the customers.
“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 Jonathan Shaw, co-founder and CEO of Nuru.
Nuru anticipated it will receive an additional US$28 million in project finance by the end of the month. Its Series A was led by E3 Capital, formerly Energy Access Ventures, in 2018, together with EDFI ElectriFI, an EU-funded electrification financing initiative managed by EDFI Management Company. This round of funding will help build Nuru’s current operating metrogrid portfolio in the cities of Goma, Beni, Tadu, and Faradje.
“Expanding access to electricity is instrumental to supporting economic growth and improving living standards for people and businesses in the DRC. 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,” said Malick Fall, country manager for the DRC at IFC.