- IFC has joined WeLight’s shareholder base through a €27 million capital raise to support expansion across Africa.
- WeLight will launch operations in Nigeria and the DRC while strengthening its presence in Madagascar and Mali.
- The company aims to deploy more than 1,000 mini grids and provide electricity to almost 10 million people by 2030.
The International Finance Corporation has joined the shareholder base of WeLight in a €27 million capital raise that will accelerate the company’s expansion of rural electrification projects across Sub Saharan Africa.
The funding round brings together IFC, a member of the World Bank Group, with existing shareholders AXIAN, Sagemcom and Norfund. The investment will enable WeLight to enter Nigeria and the Democratic Republic of Congo while expanding its operations in Madagascar and Mali.
The expansion strengthens WeLight’s position as a pan African mini grid developer operating in some of the continent’s largest underserved electricity markets. Nigeria and the DRC are key countries within the Mission 300 initiative, led by the World Bank Group and the African Development Bank, which aims to expand electricity access across Africa.
Founded in 2018, WeLight has deployed almost 190 mini grids that provide electricity to more than 800,000 people in rural communities. The company develops solar powered mini grids with battery storage and local electricity distribution networks to supply areas beyond the reach of national grids.
Reliable electricity access supports improved healthcare, education, public safety and local economic development while creating new opportunities for businesses and households in remote communities.
The latest investment strengthens WeLight’s financial capacity and brings together industrial, financial, operational and development expertise to support the large scale deployment of mini grids across the continent.
The company plans to deploy more than 1,000 mini grids by 2030, with the goal of providing reliable electricity access to almost 10 million people across Africa.
WeLight Chief Executive Officer Romain de Villeneuve said IFC’s investment marked a significant milestone for the company and would support the creation of a pan African platform focused on rural electrification.
“Our ambition is clear. We want to accelerate the deployment of mini grids across Africa and help improve the lives of almost 10 million people by 2030,” he said.
Fatoumata Sissoko Sy, IFC Regional Industry Manager for Infrastructure in West Africa, said the investment supports the objectives of Mission 300 by expanding electrification solutions that create employment and stimulate local economic growth.
She said mini grids generate jobs during construction and operation while enabling new businesses through improved access to reliable energy. IFC expects its investment to help mobilise additional private capital and support inclusive economic growth across the continent.
WeLight was established through a partnership between AXIAN, Sagemcom and Norfund and aims to become one of Africa’s leading private operators of rural electrification through clean energy mini grids.
Author: Bryan Groenendaal
