NuRAN Wireless secures a $5 million loan facility from Cygnum Capital’s Facility for Energy Inclusion to improve its network sites in Africa. The company plans to use the funds to develop renewable energy infrastructure for mobile networks in Cameroon and the Democratic Republic of Congo, with an initial draw of $2.5 million.
The funds, combined with NuRAN’s operating cash, will facilitate the completion of an initial contract of 122 sites and the construction of an additional 120 new sites, significantly enhancing connectivity in underserved regions of Cameroon. This expansion underscores the recent success of its sites in the country.
Following the progress in Cameroon, NuRAN anticipates a subsequent drawdown for the DRC, pending compliance, to complete over 100 sites. The company also plans to start operations in Ivory Coast and build sites in South Sudan by the end of 2024, contingent on additional financing.
Additionally, NuRAN has reached an agreement with Advance Factoring and certain existing holders of convertible debentures to subordinate their outstanding security to the Facility for all African assets and to waive any current events of default. The maturity date of the Convertible Debentures has been extended to December 31, 2025.
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