DRC: Solar company raises financing from Camco, E3 Capital and Proparco
Nuru, the company responsible for the Democratic Republic of Congo’s (DRC) first solar PV metrogrid, has secured an initial $1.5 million from investors in a convertible note round, with Proparco, Camco-managed Renewable Energy Performance Platform (REPP) and E3 Capital each investing $500,000.
The investment is expected to bridge the financing gap to enhance the company’s $25 million Series B equity fundraise, which will accelerate the implementation of three nationally strategic late-stage development projects with an aggregate installed capacity of 13.7MWp.
Nuru aims to close the energy access deficit in the DRC, which is one of the least electrified countries in the world, and directly diversify and decentralise DRC’s energy mix to support its Strategic National Development Plan for increased renewable energy capacity.