NuRan Adds To Current Backlog With 250 Site Agreement For Telecom Towers
NuRan Wireless (CSE: NUR) has secured a new five year agreement with MTN Group for the deployment of additional telecommunications sites. The latest agreement adds to a current backlog the company has with MTN under a group framework agreement entered into in 2022.
This latest agreement reportedly represents US$27 million in revenue for NuRan over a five year period, assuming all sites are completed. That estimated revenue however is based on estimated revenue per user, as under the current working model NuRan maintains ownership of the infrastructure and is instead paid under a revenue sharing model.
The agreement, referred to as a network-as-a-service arrangement, is for an initial period of five years and can be renewed for a further five, subject to a renewal agreement.
The company is currently under contract to construct 2,150 telecommunications for MTN across five different countries in Africa. Funding for the sites, which historically has been a pain point for NuRan, is expected to come from asset-based project financing or other debt-oriented facilities.
“With the addition of these 250 sites, NuRAN now has a total of 4,892 sites under contract, and we are rapidly progressing towards our goal of reaching 10,000 sites within the next five years. NuRAN is proud to lead the way in our mission to provide essential mobile connectivity in a cost-effective, profitable, and environmentally friendly manner,” commented Francis Letourneau, CEO of NuRan.
No timeline was provided for the deployment of the sites.
NuRan Wireless last traded at $0.105 on the CSE.
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