Nuru Energy signed an agreement with the Bank of America and Merrill Lynch that gives the US financiers an option to buy several million carbon credits during a 10-year period.
Under the agreement, Nuru will be able to use the capital to scale up projects in five African countries: Rwanda, Kenya, Tanzania, Uganda, and Burundi. The company expects to gain a profit in three to five years as a result of the deal.
Nuru is also looking to expand in West Africa as well, with its eye set on Ghana and Nigeria.
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