Nuru closes over $40m of Equity Funding to Drive Metrogrid Scaling in the Democratic Republic of the Congo. The funds come from market-leading equity 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. Nuru also anticipates the close of an additional $28m in project finance by the end of the month.
Nuru is a renewable energy-powered Metrogrid company which utilizes utility-scale solar power and advanced technology to provide reliable and renewable energy to urban communities, promoting climate resilience and sustainable development. The company plans to initiate three transformative projects in Goma, Kindu, and Bunia, with the Bunia site becoming the largest off-grid solar hybrid metrogrid in sub-Saharan Africa.
The funds will enable Nuru to commence construction on 13.7 MWp of projects, which will significantly expand its existing operating assets in eastern Democratic Republic of the Congo (DRC) and help bridge the enormous energy gap in the country.
This transaction confirms AltRaise’s expertise in arranging complex financings for distributed solar utilities in frontier markets, bringing together a large variety of Investors including Strategics, Developments Institutions and Foundations in a landmark transaction in the region. AltRaise is also arranging project finance for this transaction.