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Madagascar-based WeLight has raised $30.7 million (€27 million) from the International Finance Corporation (IFC) and existing shareholders AXIAN, Sagemcom and Norfund to accelerate the deployment of rural electrification infrastructure across Africa.
The funding will also support the company’s expansion into Nigeria and the Democratic Republic of Congo (DRC), while strengthening its existing operations in Madagascar and Mali as it seeks to scale its mini-grid platform across some of the continent’s largest underserved energy markets.
The investment marks a significant milestone for WeLight, a rural electrification company focused on deploying solar-powered mini-grids in sub-Saharan Africa. The capital raise will help WeLight extend its geographic footprint and prepare for a new phase of growth at greater scale.
Romain de Villeneuve, Chief Executive Officer of WeLight, said, “IFC’s arrival marks a major step for WeLight. This investment allows us to build a pan-African platform across the main rural electrification markets and to bring together reference partners to support our large-scale deployment. Our ambition is now clear: to accelerate the deployment of mini-grids in Africa and help durably improve the lives of 10 million people by 2030.”
Founded in 2018 by AXIAN, Sagemcom and Norfund, WeLight designs, deploys and operates mini-grids to deliver clean, affordable, reliable and productive energy to remote rural communities. It has grown into a prominent player in the rural electrification sector in less than a decade.
The company claims to have deployed nearly 190 mini-grids to date and provides electricity access to more than 800,000 people daily. Its model combines solar energy generation, energy storage and electricity distribution to serve communities located far from national power grids.
The company said its expansion into Nigeria and the DRC will strengthen its position as a multi-country operating platform serving some of the largest unelectrified populations in sub-Saharan Africa. These markets also represent a significant share of Mission 300, the electrification initiative led by the World Bank Group and the African Development Bank.
WeLight believes IFC’s participation brings together industrial, financial, operational and development expertise within a single shareholder group, creating what it described as a unique partnership to support the large-scale deployment of mini-grids across Africa.
“IFC’s investment in WeLight supports the ambitions of Mission 300 by accelerating electrification solutions that create jobs. Mini-grids spur local entrepreneurship and generate jobs – from construction through to operations – as well as through the economic activity enabled by access to energy,” said Fatoumata Sissoko-Sy, IFC’s Regional Industry Manager for Infrastructure in West Africa.
She added, “By backing WeLight’s expansion, we are supporting a pan-African platform with the potential to scale rapidly, mobilise additional private capital, and catalyse inclusive growth. IFC’s investment is supported by IDA21’s Private Sector Window and Concessional Capital Window.”
WeLight aims to deploy more than 1,000 mini-grids across the continent and improve the living conditions of nearly 10 million people by 2030, positioning itself as a leading private operator of rural electrification infrastructure in Africa.
