Nuru, a solar energy firm based in Congo DRC has landed $1.2m from French investor Proparco. Proparco’s investment of $1.2 million will support the growth of Nuru towards the development of the eastern region of the Democratic Republic of Congo.
“Proparco is committed to supporting innovative private actors committed to the fight against climate change who work in difficult environments. Nuru is one of these new teams of entrepreneurs whose talent and vision have a significant impact on sustainable development.We are proud to support the growth of the company as part of the Digital Africa initiative that we are rolling out for African start-ups and we look forward to seeing how Nuru’s mini-grids can improve the lives of populations of the Democratic Republic of the Congo,” said Johann Choux, Head of Investments — Financial Institutions and Venture Capital at Proparco.
Read also: Startups and SMEs In Cameroon To Benefit From Proparco’s $5.5m Loan Guarantee Scheme.
Proparco is the subsidiary of French Agency for Development (AFD) dedicated to the private sector, Proparco has been working for 40 years to promote sustainable development in economic, social and environmental matters. Proparco participates in the financing and support of companies and financial institutions in Africa, Asia, Latin America and the Middle East. Its action focuses on the key development sectors: infrastructure with a focus on renewable energies, agro-industry, financial institutions, health, education … Its interventions aim to strengthen the contribution of private actors the achievement of the Sustainable Development Goals (SDGs), adopted by the international community in 2015.
A Look At What Nuru Does
Founded in 2015, Nuru (formerly Kivu Green Energy) develops and operates urban hybrid solar mini-grids in the province of North Kivu in the east of the Democratic Republic of Congo. A 1.35MW mini-grid deployed by Nuru in Goma is one of the main mini-networks in sub-Saharan Africa. Nuru specializes in commercial, industrial and household customers, providing reliable, clean and comparatively more affordable energy than existing private solutions based on diesel generators. Nuru’s hybrid mini-grids provide 84% renewable electricity (solar photovoltaic) at rates per kWh between 30 and 50% cheaper than the average cost of diesel generators in the region.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer