Nuru Seeks $300 Million for Mini-Grids in Power-Starved Congo
- Series B round to raise $60 million, Series C $90 million
- Company is backed by UK climate fund REPP, IFC and Proparco
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Nuru, a solar mini-grid startup aiming to bring power to 5 million people in one of the world’s least-electrified nations, is close to concluding a $60 million funding round, with a larger one to follow later this year.
The Democratic Republic of Congo-based company, the name of which means light in Swahili, won the backing of the International Finance Corp. and the UK government-backed Renewable Energy Performance Platform, among others, for financing in the Series B round. The funds will be used to boost generation from its four plants by about 10-fold to 13.7 megawatts at peak capacity by adding three more larger-scale facilities.