Nuru SASU (Nuru), the company behind the first district solar PV grid in the Democratic Republic of Congo (DRC), is on track to install standalone solar hybrid grids with a capacity of 13.7 MWp by mid-2024. It secured $1.5 million in convertible funding prior to the closing of its Series B funding round scheduled for 2023.
Proparco, Renewable Energy Performance Platform (REPP), managed by Camco, and E3 Capital will each reinvest USD 500,000 in Nuru, allowing the company to continue its activities in anticipation of the future Series B fundraising of USD 25 million. These Serie B funds will be invested by a large consortium of international investors. They will accelerate the implementation of three strategic projects in the country launched in Goma, Kindu and Bunia, with a total capacity of 13.7 MWp. According to the World Bank, about 19% of the DRC’s population now has access to electricity, making the Central African country one of the least electrified in the world.
To make matters worse, electricity production from the DRC’s grid comes mainly from hydropower plants, which are under increasing pressure due to lack of maintenance and the increased consequences of droughts due to climate change.
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Nuru and its investors’ mission is to support the development of energy access while diversifying and decentralizing the DRC’s energy mix, thus supporting the objective of the DRC’s National Strategic Development Plan (NDSP 2019–2023) in terms of renewable energy capacity.
To date, Nuru has installed an operating capacity of 1.7 MWp, providing its industrial, artisan, retail and off-grid customers with reliable, affordable and clean electricity via solar PV installations (with battery storage and backup generator).
In addition to the three development projects mentioned, Nuru is also working on an additional 35 MWp project, which is expected to be commissioned in full over the next three years. Once these two phases are completed, the company will provide initial access to clean energy to more than 230,000 people as well as approximately 5,300 social and public businesses and institutions, most of which currently rely on diesel generators for their power supply.
Mehdi Tanani, Proparco’s Regional Director for Central Africa, is delighted to “contribute through this investment to the deployment of Nuru’s electrification projects in the DRC. Continuing to support the development of new decentralized models for the distribution of sustainable, reliable and carbon-free renewable energy, alongside our partners REPP and E3 Capital, in DRC cities where access to electricity is a major economic and social development issue, is perfectly in line with Proparco’s raison d’être. We are very proud to be part of this project. »
Ben Hughes, Chief Investment Officer, who leads REPP at Camco, said: “Nuru has the potential to make a transformational impact at scale in one of the world’s poorest countries. REPP’s investment alongside Proparco and E3 Capital will lead not only to further emission reductions, but also to higher levels of economic activity and improved living standards for hundreds of thousands of people through access to clean, reliable and affordable energy. At the same time, it will demonstrate the improvement of investment conditions in the DRC and give confidence to other donors to invest. »
Jonathan Shaw, co-founder and CEO of Nuru, said: “Nuru is delighted to have partners like REPP, Proparco and E3 Capital who empower us to provide life-changing access to energy in an extremely challenging environment. REPP, Proparco and E3 Capital have demonstrated tangible commitments to help Nuru achieve our mission of providing reliable, affordable and renewable energy to 5 million people in DR Congo. »
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard