New Investments

World Bank Agency MIGA Guarantees $50.3 Million for Nuru's Solar Grids in Eastern DRC

| Article

The Democratic Republic of Congo (DRC)’s eastern region is set for a significant boost in electricity access thanks to a new project by Congo Energy Solutions (Nuru).

The Multilateral Investment Guarantee Agency (MIGA), a World Bank Group subsidiary, announced a $50.3 million guarantee for Nuru’s development of solar-powered metropolitan electricity grids.

This follows previous support from the International Finance Corporation (IFC) which participated in a $40 million Series B funding round for Nuru. Proparco, a subsidiary of the French Development Agency (AFD), also joined the effort.

Nuru, based in Goma, North Kivu province, aims to deploy 15 MW of total capacity across the cities of Goma, Kindu, and Bunia.

Bunia is expected to house the largest network within this portfolio. Additional funding comes from the Renewable Energy Performance Platform (REPP), the Global Energy for People and Planet Alliance (GEAPP), E3 Capital, and GAIA Impact Fund.

Notably, French renewable energy producer Voltalia, along with the Schmidt Family Foundation and the Joseph Family Foundation, also participated in the recent Series B round.

This significant financial backing aims to bring electricity to an estimated 28,000 households and businesses in eastern DRC.

The region faces instability, particularly due to the M23 rebellion. However, Nuru’s management downplays the risks to their electricity infrastructure.

MIGA’s guarantee plays a crucial role in mitigating investor concerns in this fragile environment. “MIGA’s partial expropriation coverage is a novel aspect of the project, ensuring each mini-grid is covered separately,” stated the World Bank Group agency.

The project presents a promising development for expanding access to clean energy in eastern DRC.

Its success could serve as a blueprint for similar initiatives in conflict-prone areas, demonstrating the viability of renewable energy solutions even in challenging environments.

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

You may also like...

© 2021 Empower Africa. All rights reserved.