DRC: Proparco invests in renewable energy company
Nuru has closed a convertible note investment from Proparco as part of its series B funding round. Proparco invested alongside existing investors, Energy Access Ventures (EAV) and EDFI ElectrFi, and new investors, Gaia Impact and the Joseph Family Foundation. EAV led the series A round in Nuru in 2019 and is proud to see the company become the leader in smart distributed energy in the Democratic Republic of Congo (DRC).
Nuru develops, owns and operates MW scale metrogrids providing affordable and clean energy to commercial, industrial and residential customers, from hybrid generation sources (solar, hydro and storage). With a strong track record in deploying and commercialising assets in Béni and Goma, the company is now finalising extension projects in North Kivu and new provinces of a combined capacity of 40MW.
DRC remains one of the least electrified countries in the world, and a clear untapped opportunity for new utility models, from generation and transmission to value added distribution services. The majority of households and businesses in DRC grapple with insufficient grid access and are heavily reliant upon costly and pollutive diesel gensets. Nuru provides them with reliable and safe power, ensuring customers an immediate 30 to 60% savings.
Jonathan Shaw, founder and CEO of Nuru declared, “The team is thrilled to close this investment with Proparco. Since EAV introduced us in 2019, ongoing, sustained engagement from the dynamic team at Proparco to structure and close this investment confirmed our view that this will be a strategic, enduring partnership that will enable us together to bring light and connectivity to millions in the Democratic Republic of Congo. Proparco’s remarkable track record in Africa and deep expertise in working with companies at growth stage is very exciting to us. We look forward to an enduring, dynamic partnership with Proparco.”
“Proparco is committed to supporting innovative, climate-orientated private actors working in challenging environments. Nuru is one of these new teams of entrepreneurs whose talent and vision hold significant impact for sustainable development. We are proud to support the company’s growth under the Digital Africa initiative that we are deploying for African start-ups and look forward to witnessing how Nuru’s mini-grids can improve the lives of people in the Democratic Republic of Congo,” said Johann Choux, head of equity investments – financial institutions & VC at Proparco.
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