In February, an agreement that Nuru penned with Bank of America-Merrill Lynch gave the bank an option to buy several million carbon credits over a 10-year period, which they can then resell on the market. What it gave Nuru was a future - and a bright one. “This deal will provide us with the capital to scale up in five countries in East Africa: Rwanda, Kenya, Tanzania, Uganda and Burundi,” Hajee explains.
“The potential exists for tens of thousands of entrepreneurs in East Africa who could sell hundreds of thousands of light cubes. The result: we are certainly expecting to be profitable within three years, and not five.” Nuru Energy is also looking to scale up in India, having tweaked the business model for this market, and is also talking to potential partners in other African countries, notably Ghana and Nigeria.
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Author: Jayne Brocklehurst
