DRC Solar power startup, Nuru, raises $40 million to build the biggest mini-grid in sub-Saharan Africa

Nuru, a solar power startup in Democratic Republic of Congo has raised $40 million in a Series B equity funding round led by 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.

Initially founded as Kivu Green Energy in August 2015, Nuru (Swahili for “light”) is a company dedicated to enhancing connectivity in the Democratic Republic of Congo. It deployed Congo’s first solar-based mini-grid in 2017. Nuru underwent a name change in September 2019 to signify its expansion beyond the Kivu regions and into other areas of the Democratic Republic of Congo (DRC).

Nuru is spearheading a project in the Democratic Republic of Congo (DRC) to develop, construct, and manage three solar hybrid mini-grid projects. Each mini-grid, located in the capital cities of Bunia, Goma, and Kindu, will leverage a combination of solar photovoltaic panels, battery energy storage systems, and diesel generators. Collectively, these mini-grids will offer a generation capacity of up to 15MW, with Bunia accounting for 8MW, Goma for 5MW, and Kindu for 2MW. Notably, the mini-grids will operate independently, without relying on the main electricity grid for power supply.

Anticipated outcomes of the Project include the provision of affordable and dependable electricity to approximately 28,000 households and businesses. These beneficiaries currently face challenges related to costly, unreliable, unsustainable, or non-existent access to electricity. The Project also presents opportunities for commercial and industrial entities, such as telecom tower operators, water pumping stations, substations, agri-processing and milling companies, national banks, and water bottling factories, to become potential off-takers of the generated power.

The Democratic Republic of Congo (DRC) possesses one of the lowest rates of electrification globally. With less than 20% of its population, which exceeds 100 million people, having access to the national grid, there exists a significant business opportunity for companies that provide solutions like mini-grids and home solar systems.

An additional $28 million is expected to be sourced through project finance by the end of July 2023