The Democratic Republic of Congo (DRC)-based energy company Nuru has raised US$40 million in equity funding as it works towards its goal of providing 24-hour power for five million people in the country.
Founded in 2015, Nuru, which was previously known as Kivu Green Energy, deploys and operates renewable energy powered metrogrids in strategic urban zones of the DRC. It built the country’s first mini-grid in 2017.
The company’s utility-scale solar mini-grids are designed to provide 24/7 reliable and renewable energy to the communities in which they are installed. In 2020, it opened a 1.3-megawatt facility in the city of Goma, making it the largest mini-grid in sub-Saharan Africa with no connection to a national grid.
Nuru’s US$40 million Series B round was led by 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.
While the IFC’s equity investment also includes financing from the Finland-IFC Blended Finance for Climate Programme, the company hopes to close off an additional $28 million in project finance by the end of July.
The funds will be used to build three mini-grids in parts of eastern DRC – Goma, Kindu, and Bunia. With a combination of solar power and batteries, the total generation capacity will be 13.7 megawatts.
“We are thrilled to partner with such a dynamic group of investors who are keen to drive our vision of expanding energy access and transforming five million lives in the DRC. 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 co-founder and CEO Jonathan Shaw.
“Nuru extends its heartfelt appreciation to the consortium of investors for their visionary support and unwavering commitment to Nuru’s vision. Together, we will continue to illuminate lives, drive economic growth, and empower communities across the DRC.”
