- NuRAN Wireless, a mobile and broadband wireless infrastructure solutions provider, has announced the closing of a $5 million loan facility with Cygnum Capital’s Facility for Energy Inclusion (FEI) to build more sites in Africa.
- NuRAN will receive an initial drawdown of $2.5 million under the facility within five to ten working days. This initial drawdown includes $1.07 million for refinancing renewable energy assets previously shipped and installed by NuRAN in Cameroon.
Before this announcement, NuRAN stated in April 2024 that it had entered into the loan facility to build renewable energy infrastructure for mobile networks in Cameroon and the Democratic Republic of Congo (DRC), aiming to accelerate the deployment of its Network as a Service (NaaS) sites in these countries. NuRAN obtained a licence in Cameroon in October 2023.
NuRAN also mentioned that, alongside its operating cash, the funds will allow it to complete an initial contract of 122 sites and build an additional 120 new sites. This expansion will enhance connectivity in underserved regions in Cameroon, highlighting the recent performance of its sites in the country.
Francis Letourneau, President and CEO of NuRAN Wireless, commenting on the financing, said, “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.”
Following the progress in Cameroon, a drawdown under the facility for the Democratic Republic of the Congo (DRC) is expected, pending compliance. Upon successful closure, this drawdown will facilitate the completion of over 100 sites in the DRC, according to NuRAN.
Additionally, NuRAN stated that management plans to start operations in Ivory Coast and build sites from inventory in South Sudan before the end of 2024, subject to further financing.
NuRAN also announced that it 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 31 December 2025.
Besides, South Sudan is getting its towers solarised by Communication & Renewable Energy Infrastructure, an asset manager, after receiving $20 million in funding from the Facility for Energy Inclusion (FEI) and another investor.