Another funding win has been announced by for mobile and broadband wireless infrastructure supplier NuRAN Wireless, this time involving Cameroon.
Strictly speaking, Nuran has announced a financial close: that of a US$5 million loan facility with the Facility for Energy Inclusion, a fund managed by Cygnum Capital and announced earlier this year.
NuRAN says the initial drawdown of US$2.5 million under the Facility is underway and the funds will be disbursed within five to ten business days.
The initial drawdown under the Facility includes a US$1.07 million refinancing of renewable energy assets already previously shipped and installed by NuRAN in Cameroon. Combined with the operating cash generated by operations, this is expected to allow the company to complete the 122 sites from the initial contract and to build up to an additional 120 new sites.
NuRAN says that based on the recent performance of its sites in Cameroon the new site build represents an important milestone in expanding connectivity in underserved regions across the country.
The company adds that a drawdown under a Facility for the Democratic Republic of the Congo (DRC) is expected to follow subject to compliance with all drawdown conditions. Upon closing this is expected to fund the completion of over 100 sites in DRC.
Management also intends to kick off operations in Ivory Coast and to build sites from inventory in South Sudan before the end of 2024 subject to further financing.
Francis Letourneau, President and CEO of NuRAN Wireless, says: “We are pleased to have successfully completed this important financing allowing the Company to focus on building more sites in Africa with the aim of demonstrating the effectiveness and profitability of these rural and remote sites. As we continue to add live sites to our inventory, we believe that our business model will not only prove to be successful but will demonstrate the value of the more than 5,000 sites that we already have under contract.”
