NuRAN Wireless, a prominent provider of mobile and broadband wireless infrastructure, has recently obtained a $5 million loan facility from Cygnum Capital’s Facility for Energy Inclusion (FEI). This financial boost is aimed at expediting the company’s network deployment initiatives across the African continent.
First Tranche of Funding to Propel Immediate Expansion
Within the upcoming week, NuRAN is set to receive the first tranche of funding, amounting to $2.5 million. This initial capital will serve a dual purpose: $1.07 million is allocated to refinance the renewable energy assets that NuRAN has already installed in Cameroon, while the remainder will be directed towards further expansion of the network.
Strategic Importance of the Financial Arrangement
Francis Letourneau, the President and CEO of NuRAN Wireless, expressed the strategic importance of this financial arrangement. “This financing marks a pivotal advancement for NuRAN,” he stated. “It not only enables us to honor our current contracts but also empowers us to broaden our impact by connecting additional communities in areas with limited access to telecommunications.”
Expansion Plans in Cameroon and the DRC
The company had previously disclosed plans to utilize the loan facility for the development of renewable energy-powered mobile network infrastructure in both Cameroon and the Democratic Republic of Congo (DRC). The forthcoming injection of funds will allow NuRAN to fulfill its contractual obligation to complete 122 sites in Cameroon and to embark on the construction of 120 new sites.
Future Projects and Broader Ambitions
Buoyed by the progress in Cameroon, NuRAN is looking forward to a subsequent drawdown of funds for projects in the DRC, contingent upon satisfying certain conditions. Achieving this would enable the company to establish over 100 new sites in the DRC.
In addition to these plans, NuRAN is eyeing the commencement of operations in Ivory Coast and is considering utilizing its current inventory to build sites in South Sudan by the end of 2024. The realization of these ambitions is dependent on securing further financial support.