In a significant stride towards enhancing energy access and transforming lives in the Democratic Republic of Congo (DRC), Nuru, a pioneering energy company based in the country, has successfully secured $40 million in equity funding. The investment will fuel Nuru’s efforts to bring round-the-clock electricity to five million people in strategic urban areas of the DRC, revolutionizing their lives and fueling economic growth.
Founded in 2015 as Kivu Green Energy, Nuru has been at the forefront of deploying and operating renewable energy-powered metrogrids in the DRC. With a mission to overcome the challenges of limited access to electricity, Nuru constructed the nation’s first mini-grid in 2017. The company’s utility-scale solar mini-grids have been meticulously designed to provide reliable and sustainable energy to the communities they serve.
A pivotal moment in Nuru’s journey was the establishment of a groundbreaking 1.3-megawatt facility in the city of Goma in 2020. This pioneering project not only became sub-Saharan Africa’s largest mini-grid disconnected from a national grid but also exemplified Nuru’s commitment to pushing boundaries and expanding renewable energy solutions in the region.
The recently concluded $40 million Series B funding round was led by a consortium of esteemed investors, including the International Finance Corporation (IFC), 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. The IFC’s equity investment incorporates financing from the Finland-IFC Blended Finance for Climate Programme. Nuru also aims to secure an additional $28 million in project finance by the end of July, further bolstering its efforts.
These substantial funds will be instrumental in constructing three mini-grids in the eastern regions of Goma, Kindu, and Bunia. By harnessing the power of solar energy and advanced battery technologies, Nuru aims to achieve a combined generation capacity of 13.7 megawatts. This transformative expansion will pave the way for uninterrupted access to electricity, enabling economic growth and empowering communities across the DRC.
Jonathan Shaw, the co-founder and CEO of Nuru, expressed his enthusiasm for the company’s partnership with a dynamic group of investors who share the vision of expanding energy access. Shaw emphasized that the successful closure of the Series B funding marks a significant milestone for Nuru and validates the viability of the metrogrid model within Africa’s distributed energy sector. He extended his heartfelt appreciation to the consortium of investors for their visionary support, underlining their unwavering commitment to illuminating lives, driving economic growth, and empowering communities throughout the DRC.
Nuru’s impressive funding achievement not only highlights the growing importance of sustainable energy solutions in the DRC but also signifies a positive outlook for renewable energy development in Africa. With its ambitious expansion plans and strong investor backing, Nuru is poised to make a remarkable contribution to the electrification efforts in the DRC, ultimately transforming the lives of millions through reliable and clean power supply.
