The initial drawdown of $2.5 million will be received within the next week and will be used for two purposes.  $1.07 million will refinance existing renewable energy assets installed by NuRAN in Cameroon, and the remaining funds will be used for further network expansion.

“This financing is a significant step forward for NuRAN,” said Francis Letourneau, President and CEO of NuRAN Wireless. “It allows us to not only fulfill our existing commitments but also expand our reach and connect more people in underserved regions.”

NuRAN previously announced its intention to use the loan facility to build renewable energy infrastructure for mobile networks in Cameroon and the Democratic Republic of Congo (DRC).

 

The initial funding will enable NuRAN to complete its existing contract for 122 sites in Cameroon and construct an additional 120 new sites.

Following the success in Cameroon, NuRAN anticipates a further drawdown from the facility for the DRC, subject to meeting specific requirements. This would allow the company to build over 100 new sites there.

NuRAN also plans to initiate operations in Ivory Coast and leverage existing inventory to construct sites in South Sudan before the end of 2024, subject to securing additional financing.