Nuru, a renewable energy-powered metrogrid company in Africa, has recently concluded a successful Series B equity funding round, securing over $40 million in investment. Additionally, the company expects to finalize an additional $28 million in project finance by the end of this month. These funds will enable Nuru to commence the construction of 13.7 MWp (megawatt peak) projects, significantly expanding its existing operating assets in the eastern Democratic Republic of the Congo (DRC) and addressing the country’s substantial energy deficit.

The investment amount of over $40 million comes from a group of prominent equity investors. These include 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. It’s worth noting that the IFC’s equity investment includes financing from the Finland-IFC Blended Finance for Climate Program. The participation of these market-leading investors demonstrates their shared commitment to Nuru’s vision of expanding energy access and transforming the lives of 5 million individuals in the DRC.

Reasons for the Investment

The decision of these investors to support Nuru’s Series B funding round is based on several crucial factors. Firstly, less than 20% of the DRC’s population currently has access to reliable energy. Nuru’s innovative approach to renewable energy provides a promising solution to address this issue. As the demand for energy continues to rise in the DRC, Nuru’s utility-scale solar metrogrids, equipped with cutting-edge technology and services, offer a reliable and sustainable energy source for urban communities. This access to renewable energy unlocks significant market potential, making Nuru an attractive investment opportunity.

Secondly, Nuru’s metrogrid model has proven to be viable and successful in the distributed energy sector in Africa. The company’s current operating metrogrid portfolio in cities such as Goma, Beni, Tadu, and Faradje, established with the support of previous investments, showcases Nuru’s ability to implement and maintain its renewable energy infrastructure effectively. This track record of success and the potential for further expansion contribute to the investors’ confidence in Nuru’s long-term prospects and the impact it can make in the DRC.

A Look at NURU

Nuru was founded in 2015 and is headquartered in Goma, Democratic Republic of the Congo. The company’s mission is to provide energy that unlocks the incredible human potential in the DRC. By delivering world-class renewable energy and connectivity services, Nuru aims to empower 5 million Congolese people, one connection at a time.

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The founders of Nuru are Jonathan Shaw, who currently serves as the CEO, and additional co-founders whose identities are not explicitly mentioned in the provided information.

Nuru primarily operates in the eastern Democratic Republic of the Congo (DRC), focusing on cities such as Goma, Beni, Tadu, and Faradje. The startup’s goal is to bridge the substantial energy gap in the country, where less than 20% of the population currently has access to energy. Nuru achieves this by implementing utility-scale solar metrogrids integrated with advanced technology and services. These metrogrids provide 24/7 reliable and renewable energy to urban communities, fostering climate resilience and sustainable development.

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It’s important to note that Nuru’s efforts have gained recognition and support from various organizations. The company received initial investments in March from REPP, Proparco, and E3 Capital, which helped bridge the financing gap leading up to the Series B equity fundraising round. Nuru’s Series A round in 2018 was led by E3 Capital and EDFI ElectriFI, the EU-funded Electrification Financing Initiative.

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

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. »

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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

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.

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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