According to industry reports, NuRAN Wireless, a prominent mobile and broadband wireless infrastructure player, recently obtained a US$5 million loan from Cygnum Capital’s Facility for Energy Inclusion (FEI). This financial boost will expedite the company’s network deployment initiatives across the African continent.
NuRAN is set to receive the first tranche of funding, amounting to US$2.5 million, within the upcoming week. This initial capital will serve a dual purpose: US$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 expanding the network.
Francis Letourneau, the President and CEO of NuRAN Wireless, underlined the company’s ability to make a positive impact with this financial arrangement. “This financing is a significant leap for NuRAN,” he stated. “It not only allows us to fulfil our current contracts but also empowers us to extend our reach and connect more communities in areas with limited telecommunications access.”
The company previously disclosed plans to utilize the loan facility to develop renewable energy-powered mobile network infrastructure in Cameroon and the Democratic Republic of Congo (DRC). The forthcoming injection of funds will allow NuRAN to fulfil its contractual obligation to complete 122 sites in Cameroon and construct 120 new sites.
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 the 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.
