NuRAN aims to diversify its funding sources to strengthen and expand its network in Africa. In February, the company announced negotiations for a $15 million loan with a development financial institution to finance the construction of an additional 800 sites across Africa.
On April 26, Canadian telecom infrastructure provider NuRAN Wireless announced securing a $5 million loan from the Facility for Energy Inclusion (FEI), a fund managed by Cygnum Capital. The funds will primarily finance the construction of renewable energy infrastructure for the company's mobile networks in Africa. They will also be used to deploy new telecom sites on the continent, particularly in Cameroon and the Democratic Republic of Congo (DRC).
"This facility will enable us to execute our construction plan for 2024 and achieve major milestones by the end of the calendar year," said Francis Letourneau, CEO of NuRAN Wireless Inc. This initiative aligns with NuRAN Wireless's ambition to expand and strengthen its telecom network in Africa. In 2021, the company committed to deploying at least 10,000 telecom sites on the continent over five years. As of the latest updates, it has contracted 4,600 sites, including with MTN (South Sudan, Sudan, Namibia, Côte d'Ivoire) and Orange (Cameroon, DRC, Madagascar) groups. It also has an ongoing agreement with telecom tower manager Trans Africa Towers to deploy 500 sites in the DRC.
NuRAN's various investments, including those in renewable energies, are expected to address the growing needs of African telecom operators for capacity. These operators, in turn, can expand their network coverage to meet the increasing demand for connectivity among African consumers, especially in rural areas.