Key facts
- WeLight, Africa's largest solar mini-grid operator, has sold a stake to the International Finance Corp. (IFC).
- The company raised €27 million ($31 million) from the IFC and its founding shareholders.
- The investment will fund WeLight's expansion into Nigeria and the Democratic Republic of Congo.
- WeLight currently operates nearly 190 mini-grids, serving over 800,000 people in Madagascar and Mali.
- The IFC is also supporting off-grid solar expansion through a separate $40 million agreement with EDF Power Solutions.
WeLight, recognized as Africa's largest operator of solar mini-grids, has secured a significant investment from the International Finance Corp. (IFC), the private-sector lending arm of the World Bank Group. This strategic sale of a stake to the IFC, along with backing from its founding shareholders, has raised €27 million ($31 million) to fuel the company's expansion into new markets, specifically Nigeria and the Democratic Republic of Congo.
WeLight currently operates in Madagascar and Mali, managing nearly 190 mini-grids that provide electricity to over 800,000 people in communities lacking access to national power networks. The company was established in 2018 by Axian Group Ltd., Sagemcom SAS, and Norfund AS with the goal of electrifying rural areas.
In a related development, the IFC has also entered into a $40 million convertible loan agreement with EDF Power Solutions. This separate financing initiative is designed to bolster the expansion of off-grid solar energy solutions across the African continent, supporting pay-as-you-go systems for households and small businesses. This aligns with broader efforts like Mission 300, which aims to connect 300 million Africans to electricity by 2030.
Meanwhile, UAE-based Ignite has acquired Engie Energy Access (EEA), Engie's African off-grid solar business. The newly formed entity, Ignite Energy Access, now stands as the continent's largest off-grid electrification company, serving 15 million users across 12 countries and setting an ambitious target to reach 100 million people by 2030.