NuRAN Secures US $5M Loan to Expand Mobile Network Infrastructure in Africa

NuRAN Wireless Inc., a key provider of mobile and broadband wireless solutions, has announced a new financial milestone with the closure of a US $5 million senior secured loan facility. This funding, facilitated by the Facility for Energy Inclusion managed by Cygnum Capital, is aimed at expanding the company’s Network as a Service (NaaS) operations in Cameroon and the Democratic Republic of Congo.

The loan will support the construction of over 500 new sites for mobile network infrastructure that emphasizes the use of renewable energy. NuRAN plans to utilize the freshly acquired capital along with operational revenues to cover significant material and construction expenses associated with these new sites. The loan's conditions include standard provisions requiring the funded sites to be operational and financially viable before subsequent drawdowns.

According to Francis Letourneau, CEO of NuRAN, this strategic financing not only aids in achieving the company’s construction plans for 2024 but also contributes to significant operational milestones. Carmen de Castro of Cygnum Capital highlighted the importance of this move for Africa’s telecommunication sector, especially for enhancing access to mobile networks in rural areas through sustainable energy solutions.