Led · Series B · Jul 2023

Nuru builds solar-plus-battery utility mini-grids designed to provide 24/7 reliable renewable power to communities in eastern DRC. The company is deploying metrogrid-style systems and already operates mini-grids in four cities, with planned new sites in Goma, Kindu and Bunia. The three new mini-grids will total 13.7 megawatts of generation capacity and are intended to expand access where national electrification is limited. Nuru’s stated social goal is to provide 24-hour electricity to five million people in the DRC, though management says achieving that target will require substantially more capital. The company is pursuing additional project finance alongside its equity raise to fund near-term construction and operations. Nuru positions its technology and deployments as a way to improve climate resilience and bypass fossil-fuel generation in low-electrification regions. Founded in 2015 as Kivu Green Energy, Nuru develops and operates urban hybrid solar mini-grids in eastern DRC, serving commercial, industrial, and household customers. The company runs a 1.35MW mini-grid in Goma and has commissioned a 1.33MW hybrid solar power plant, among the largest off-grid facilities in Sub-Saharan Africa. Nuru positions its systems as more reliable, cleaner, and comparatively more affordable than diesel-generator solutions. It has secured a EUR1 million (US$1.2 million) cash injection from Proparco to scale into additional provinces. Nuru plans to deploy its off-grid solutions across North Kivu, Maniema, Ituri, Haute Uélé, and Kasaï, aiming to electrify five million people by 2024. Proparco, the private-sector financing arm of the French Development Agency (AFD) group, provided the funding as part of its Digital Africa initiative. Kivu Green Energy develops and operates solar PV minigrids paired with battery storage to provide stable, cheaper electricity in under‑electrified urban areas. The company will deploy its first minigrid in Goma with an initial capacity of 1.3 MW of solar and 2 MWh of battery storage. The Goma project is expected to create more than 760 new connections and serve about 3,800 beneficiaries, producing up to 2,300 MWh per year and avoiding roughly 1,840 tons of CO2 annually. KGE targets commercial and industrial anchor clients through long‑term power purchase agreements while also selling to small and medium businesses, households, and institutions. Management says the company seeks rapid scale in eastern Congo, aiming to deploy and operate an additional 33 MWp of capacity by 2023. Financing support from investors has been used to start construction and to refine the company’s business, financial modeling, and environmental and social policies.

Led · Equity · Dec 2019

UpOwa supplies Pay-As-You-Go (PAYG) solar home systems and energy services to households and entrepreneurs in rural Cameroon. The company is focused on expanding market penetration in challenging and isolated areas and plans to distribute higher-capacity solar home systems to amplify impact. UpOwa emphasizes scaling its model professionally while partnering with strategic investors and debt providers. Management includes CEO and co-founder Kilien de Renty, CBDO and co-founder Caroline Frontigny, and Loïc Descamps, managing director of UpOwa Cameroon. UpOwa secured a €3 million debt facility from EDFI ElectriFI to accelerate expansion in rural areas. The company previously completed a 2019 equity round with REPP, Colam Impact and LITA.co and extended a working-capital debt facility from Lendahand. EDFI ElectriFI expects the financing to help UpOwa reach over 60,000 households and entrepreneurs with access to clean electricity in the coming years. upOwa is a Cameroon-based Pay-As-You-Go (PAYG) solar energy provider focused on delivering affordable clean power to low-income earners and small communities. The startup offers off-grid solar solutions aimed at supporting small businesses and household energy needs. It has set a target to provide affordable power for more than 1 million homes by 2022. upOwa plans to use newly raised funds to scale growth and expand its services to additional local communities within Cameroon. CEO Kilien de Renty highlighted the company’s rapid growth and praised investor support. The article notes investors will also open access to debt funding to support the company’s expansion across East Africa.

Participated · Series C · Mar 2019

Since commercial launch in 2015, PEG Africa has become a leading off-grid asset-financing provider in West Africa, distributing PAYGO solar home technology to consumers and micro-businesses. As of June 2020 the company had served nearly 100,000 households, installed 2.14 MW of renewable capacity, employed over 490 full-time staff, and operated 80 service centres across Ghana, Côte d’Ivoire, Senegal and recently Mali. PEG’s core product is pay-as-you-go solar home systems, and the company is expanding its offering to include productive-use appliances such as solar water pumps for smallholder farmers. The company has qualified as a 2X Challenge UPvestment with CDC group and has pursued gender-diversity initiatives supported by Power Africa. EDFI ElectriFI’s financing is being used to accelerate distribution in Côte d’Ivoire and to catalyse additional funding for growth and productive-use deployments. PEG Africa, founded in 2013 and based in Ghana, provides Pay-As-You-Go solar home systems and related services. Since its debut it has provided solar electricity to over 400,000 users across Ghana, Cote d’Ivoire, and Senegal. The company also offers solar water irrigation services and larger solar power systems for multinational customers. PEG Africa raised $4 million in debt capital from UK-based CDC Group to expand its PAYG operations in Senegal. The Senegal branch has experienced exponential growth in the past 12 months and has become profitable. Prior to this debt raise, PEG Africa had secured almost $30 million over the prior two years, including a $25 million Series C announced in January. PEG Africa finances and deploys pay-as-you-go (PAYG) solar systems to consumers and SMEs, helping customers replace appliances that depend on grid power with solar alternatives. The company serves over 400,000 consumers across Ghana, Côte d’Ivoire, and Senegal and has recently expanded into solar water irrigation and larger solar power systems. Management says PEG has almost doubled in size every year since 2015, which it cites as evidence of financial sustainability. The newly secured $5 million will be used to boost its existing markets and support further expansion across West Africa. The funding is structured as junior debt provided by the Electrification Financing Initiative (ElectriFI), which is sponsored by the European Union and managed by the EDFI Management Company. ElectriFI’s financing is backed by UK DFI, CDC Group, and SunFunder, groups that previously provided a $15 million senior secured local‑currency debt facility to PEG earlier in 2019. PEG Africa provides PAYG financing for solar home systems across Ghana, Ivory Coast and Senegal, serving over 60,000 households. The company focuses on replacing polluting fuels like kerosene by offering cleaner, cheaper solar solutions to low-income customers. More than 50% of PEG’s customers earn less than US$3 per day; 89% lack access to the national grid and 82% had never received financing before PEG. Headquartered in Ghana, PEG says it is expanding rapidly and profitably while improving lives in the region. The company plans to use the new funding to further establish itself as a market leader and expand service delivery across West Africa. Its funding history includes a US$13.5M round in 2017 and two rounds in 2016, taking total funding to US$50M. PEG Africa provides pay-as-you-go (PAYG) solar home systems to off-grid and rural customers, focusing on areas without reliable access to electricity. The company combines product sales with financing to expand residential solar adoption. It secured US$1.5 million in debt financing to deploy systems sufficient for roughly 75,000 residents in Ghana. PEG Africa has a stated goal of financing 500,000 households in West Africa by 2020. In parallel with the debt raise, PEG Africa won a grant from USAID's Scaling Off-Grid Energy Grant Challenge to pilot new innovations for its PAYG business. CEO Hugh Whalan described the debt deal as a landmark for the off-grid PAYG solar sector, and the firm noted legal support from Nixon Peabody on the transaction.