Congo’s Nuru is getting some love: Congo-based solar mini-grid company Nuru, which aims to supply power to five mn people in a country where access to electricity is largely lacking, is close to finalizing a USD 60 mn series B funding round, and another USD 90 mn round is set to follow in the coming months, Bloombergreports. The International Finance Corporation and the UK government-funded Renewable Energy Performance Platform are among the investors participating in the series B round. The funds will go towards adding three additional facilities to Nuru’s portfolio, allowing the company to generate a combined 13.7 MW from its plants, growing tenfold. This would raise the number of people that Nuru serves to 500k from a current 50k.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Bangladesh would require USD 1.71 bn annually to have 40% of its electricity generated from renewable sources by 2040. The country has increased the subsidies allocated to conventional power sources by nearly 152% in 2021, reaching USD 2.8 bn, which is higher than the investment that would be required to enhance the renewable energy capacity. Currently, less than 5% of the country’s energy comes from renewable sources. (Bloomberg)
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