NuRAN Secures $5 Million Loan for Renewable Energy Network Expansion in Africa

TECH DIGEST- NuRAN Wireless Inc. (CSE: NUR) (OTC: NRRWF) (FSE: 1RN), a leading provider of mobile and broadband wireless infrastructure solutions, announced a two-year, US$5 million term loan facility agreement with the Facility for Energy Inclusion (FEI), a fund managed by Cygnum Capital.

This financing, approved by FEI’s Investment Committee in February 2024, will support NuRAN Africa, a wholly-owned subsidiary, in constructing renewable energy assets for its mobile network infrastructure. The primary focus will be on existing and new Network as a Service (NaaS) agreements in Cameroon and the Democratic Republic of Congo (DRC).

The senior secured loan facility enables NuRAN to deploy over 500 new sites. Combined with existing operational cash flow, the loan proceeds will cover material and construction costs for these new sites. Loan drawdowns are subject to customary conditions, including verification of funded and operational new sites. The loan is secured by NuRAN subsidiary assets.

FEI received legal counsel from Trinity International and environmental/social consulting from IBIS Environmental Social Consulting Europe.

The post NuRAN Secures $5 Million Loan for Renewable Energy Network Expansion in Africa appeared first on Tech Digest News.