The International Finance Corporation (IFC), a member of the World Bank Group, alongside AXIAN, Sagemcom and Norfund has announced its investment in WeLight, Africa’s leader in rural electrification through mini-grids in subSaharan Africa.

In a statement, the company said, “the transaction marks a defining step in WeLight’s development” and is geared towards accelerating its geographic expansion by launching operations in Nigeria and the Democratic Republic of Congo (DRC), while strengthening its operations in Madagascar and Mali.

“This €27 million capital raise, bringing together IFC, AXIAN, Norfund and Sagemcom, will allow WeLight to accelerate its development, extend its geographic presence and prepare 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.”

Fatoumata Sissoko-Sy, IFC’s Regional Industry Manager for Infrastructure in West Africa, said, “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. 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.”

Founded in 2018 by AXIAN, Sagemcom and Norfund, WeLight has established itself as one of the reference players in rural electrification in sub-Saharan Africa.

With close to 190 mini-grids deployed to date and more than 800,000 people benefiting daily from the electricity its infrastructure produces, the company has demonstrated the strength of a model that combines solar energy, storage and electricity distribution in rural areas far from national grids. This access to electricity contributes directly to improving healthcare, education, safety, local economic activity and the living conditions of rural populations.

IFC’s entry into WeLight’s capital significantly reinforces this momentum. It brings together,
within a single shareholding, complementary industrial, financial, operational and development
expertise, creating a partnership that is unique in Africa to support the large-scale deployment of
mini-grids.