DRC: Renewable energy company Nuru raises $40m Series B funding

Nuru, a renewable energy company, has secured over $40 million in a Series B equity funding round and expects an additional $28 million in project finance by the end of the month. The capital will fund the construction of projects totaling 13.7 MWp in the Democratic Republic of the Congo (DRC), where less than 20% of the population has energy access.

Nuru’s solar metrogrids, coupled with related technology and services, are slated to provide continuous, renewable energy to the DRC’s urban areas.

Investors in the round 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. Additionally, IFC’s equity investment includes financing from the Finland-IFC Blended Finance for Climate Program.

Post funding, Nuru intends to launch projects in Goma, Kindu, and Bunia, with the Bunia site projected to be a significant off-grid solar hybrid metrogrid in sub-Saharan Africa.

AltRaise served as Nuru’s financial advisor for the Series B transaction and project finance.

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