Ahead of the close of its series B funding round, in which it is raising USD 25mn, Nuru SASU has received USD 1.5mn from investors in a convertible note round.
Supporting this initial funding are Proparco, Renewable Energy Performance Platform and E3 Capital—which are each investing USD 500,000 to bridge a gap in financing. Residual funds will be invested by international investors at the financial close. And will help to quicken the implementation of three late-stage development projects in Goma, Kindu and Bunia. All three have an aggregate installed capacity of 13.7MWp
As well as its three late-stage development projects, Nuru has a further 35MWp in its current active pipeline, which it expects to be fully commissioned within the next three years. Once both phases have been completed, the company will provide access to over 230,000 people as well as approximately 5,300 C&I businesses and social and public institutions, most of whom currently rely on diesel generators for their power.
The metrogrid company has so far installed 1.7MWp of operating capacity, providing commercial and industrial (C&I), retail and residential customers in large off-grid towns with reliable, affordable and clean electricity via solar PV installations (with battery storage and diesel back up) and isolated distribution networks.