The eastern region of the Democratic Republic of Congo (DRC) is set to witness a significant enhancement in electricity availability thanks to an ambitious initiative led by Congo Energy Solutions, operating under the brand name Nuru.
MIGA’s Significant Commitment
The World Bank Group’s Multilateral Investment Guarantee Agency (MIGA) has made a major commitment by offering a guarantee amounting to $50.3 million. This financial assurance is directed towards supporting Nuru’s innovative project, which aims to establish solar-powered metropolitan electricity grids, promising to transform the energy landscape of the region.
Collaborative Financial Efforts
This initiative builds on the momentum generated by the International Finance Corporation (IFC), which previously participated in a substantial $40 million Series B funding round for Nuru. Proparco, part of the French Development Agency (AFD), has also contributed to the project, highlighting the collaborative financial effort behind this venture.
Ambitious Solar Capacity Goals
Nuru, based in Goma, North Kivu province, has set an ambitious goal to install 15 megawatts (MW) of solar capacity across three key cities: Goma, Kindu, and Bunia. Among these, Bunia is slated to host the most extensive network within the scope of this project.
Diverse Funding Sources
The funding for this venture is further bolstered by contributions from the Renewable Energy Performance Platform (REPP), the Global Energy for People and Planet Alliance (GEAPP), E3 Capital, and the GAIA Impact Fund. Notably, Voltalia, a prominent French renewable energy company, along with philanthropic entities such as the Schmidt Family Foundation and the Joseph Family Foundation, have joined the ranks of investors in the recent Series B funding round.
Electrification of Households and Businesses
The financial infusion from these diverse sources aims to electrify approximately 28,000 households and businesses throughout the eastern DRC, a region that has long faced challenges related to energy scarcity. Despite the ongoing instability, particularly due to unrest associated with the M23 rebellion, Nuru’s management remains confident in the resilience of their electricity infrastructure projects.
This ambitious solar project not only promises to improve the availability of electricity but also stands as a testament to the collaborative efforts and investments aimed at transforming the energy landscape of the eastern DRC.