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Tag: Nuru

  • DRC startup Nuru secures $40 million to build mini-grid in sub-Saharan Africa

    DRC startup Nuru secures $40 million to build mini-grid in sub-Saharan Africa

    Nuru, a solar energy firm located in the Democratic Republic of the Congo, aspires to supply constant power to the country’s five million residents. Its Series B funding of $40 million falls well short of the $300 million needed to reach this objective.

    To develop its renewable energy infrastructure, the Democratic Republic of the Congo-based business Nuru has secured $40 million in Series B equity capital. 

    Investors that lead the round include the International Finance Corporation, the Global Energy Alliance for People and Planet, the Renewable Energy Performance Platform, Proparco, E3 Capital, Voltalia, the Schmidt Family Foundation, the GAIA Impact Fund, and the Joseph Family Foundation.

    An additional $28 million in project finance is expected to be closed by the end of July, in addition to the IFC’s equity participation and funding from the Finland-IFC Blended Finance for Climate Programme. For both the Series B round and the related project financing, Nuru relied only on AltRaise as its financial adviser.

    The funding will be utilized to construct mini-grids in three different locations in eastern DRC: Goma, Kindu, and Bunia, which will be the biggest. The combined capacity of solar electricity and batteries will be 13.7 megawatts. Nuru, which means “light” in Swahili, has mini-grids up and running in four additional cities in eastern DRC. 

    Read also: Yellow Africa secures $14 million for Solar energy solutions in Africa

    Closing the Series B is a significant milestone in Nuru’s journey

    The Democratic Republic of the Congo (DRC) is home to an estimated 100 million people, yet only around 20 percent of them have reliable access to electricity. In eastern DRC, many people do not have access to electricity. Since there is little to no electricity in the area, the mini-grids provide a chance to utilize renewable energy and avoid the usage of fossil fuels for power production.

    The goal of Nuru’s utility-scale solar mini-grids is to supply constant, clean power to the communities in which they are deployed. This will aid in the much-needed improvement of climate resilience and sustainable development.

    We’re excited to work with such a creative group of investors who share our mission of improving the lives of five million people in the DRC by increasing their access to electricity. Jonathan Shaw, Nuru’s founder, said after the round closed, “Closing the Series B is a significant milestone in Nuru’s journey, but it also demonstrates the viability of the metro grid model in the distributed energy sector in Africa.” “Nuru expresses deep gratitude to the investment group for backing the company and believing in its mission from the start. Together, we will continue to illuminate lives, drive economic growth, and empower communities across the DRC.”

    Series A funding round for Nuru totalled $3.8 million

    Back in March, Nuru’s Series B equity fundraising was bolstered by early investments from REPP, Proparco, and E3 Capital. Each of the three investors in the convertible note round invested $500,000.

    The Series A funding round for Nuru totalled $3.8 million and was headed by E3 Capital (formerly Energy Access Ventures) and EDFI ElectriFI in 2018. The investment was instrumental in establishing Nuru’s mini-grid portfolio in the cities of Goma, Beni, Tadu, and Faradje, all of which are now live.

    Later this year, according to Bloomberg, the company plans to begin raising $90.0 million in a Series C investment. This comes as the firm pushes for a $300 million funding goal by September 24, 2024, in order to reach its goal of providing service to five million people in the DRC.

  • DRC-based energy startup Nuru secures $1.5m

    DRC-based energy startup Nuru secures $1.5m

    The energy company Nuru, which has its headquarters in the Democratic Republic of the Congo (DRC), is on track to construct 13.7MWp of isolated solar-hybrid grids by the middle of 2024 after receiving an initial US$1.5 million from investors in a convertible note round before the close of its Series B funding round. 

    Nuru, a business founded in 2020, installs and manages metrogrids powered by renewable energy sources in key urban areas of the DRC.

    Their objective is to offer connections to five million users that rival the best in the world.

    Renewable Energy Performance Platform (REPP), Proparco, and E3 Capital have all committed to contribute $500,000 each to Nuru. This will bolster the company’s Series B equity campaign, which aims to raise $25 million and assist it in filling a financing gap.

    An amazing group of overseas investors will utilise the leftover funds once the financial transaction is finished.

    The capital increase will assist in expediting the completion of three nationally significant late-stage development projects in Goma, Kindu, and Bunia, which will have a combined installed capacity of 13.7MWp once they are completed.

    Jonathan Shaw, co-founder and CEO of Nuru, “Nuru is thrilled to have partners like REPP, Proparco, and E3 Capital empowering us to deliver life-changing energy access in an extremely challenging environment. 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.”

    Read  also: NCC advocates use of renewable energy on World Consumer Rights Day

    A Previous Project of Nuru

    At Goma, the capital city of the North Kivu region in the Democratic Republic of the Congo, the Nuru firm placed into operation a tiny solar hybrid power plant that also includes a storage system (DRC). The capacity of the facility is 1.3 megawatts (MW).

    A modest hybrid power plant has just been acquired by the city of Goma. Nuru is responsible for the construction of the building that will be opened to the public on February 4, 2020 in the city of North Kivu, which is located in the Democratic Republic of the Congo (DRC). A power plant has been constructed in the Ndosho district by the firm that is situated in Goma. It is made up of 4,000 panels, each of which has the capacity to generate 335 W.

    Connecting the energy storage system at the Goma Hybrid Solar Power Station to the Project 

    Solar inverters, which take the energy carried by the sun’s rays and transform it into electricity, are what connect all of these panels together. Hence, the total solar system has the potential to generate 1.3 megawatts. Also, the facility is outfitted with batteries that are housed within a container for the purpose of storing excess electricity. As a result, the power plant will be able to continue to supply the population even after sunset.

    A number of backup generators with a combined capacity of around 364 kW are included in the solar power plant that Nuru constructed in Goma. A mini-grid that was also constructed by Nuru and was furnished with transformers and a transmission line is used to facilitate the direct delivery of electricity generated by the hybrid plant to the local populace. 

    The company narrated that Nuru has taken the necessary precautions to precisely organise its energy network, which consists of power poles that are 12 metres high for medium voltage and poles that are 8 to 10 metres high for low voltage. These environmentally friendly poles are constructed of bamboo, and they are used to support the power cables that supply consumers as well as the smart metres that measure the consumption of customers.

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    The firm claims that the commissioning of Goma’s hybrid off grid is the first step in a project that seeks to deliver electricity to 5 million people by the year 2024. The company was established in 2015. By constructing solar hybrid power plants in the provinces of North Kivu, Maniema, Ituri, Haute Uélé, and Kasai, Nuru anticipates that it will be able to generate an extra 23 MW within the next twenty-four months.

    In order to carry out its plan, Nuru was able to count on the assistance of its partners, which include off-grid service providers such as Energy Peace Partners, Solarcentury, and PowerGen Renewable Energy. In addition, Energy Access Ventures (EAV), Electrification Financing Initiative (ElectriFI), an investment fund that is owned by the European Union and whose mission is to assist the private sector in the provision of electricity in areas that are currently underserved, has provided backing to the company.