Energy: WeLight Raises $31 Million to Accelerate Rural Electrification in the DRC and Nigeria
WeLight, a company specialized in the development of solar mini-grids in Africa, has announced the entry of the International Finance Corporation (IFC) into its capital through a strategic investment intended to support its expansion in the Democratic Republic of Congo and Nigeria.
According to a communiqué published on Tuesday, the company raised 27 million euros, or approximately 31 million US dollars, from the IFC, the World Bank Group’s private sector arm, as well as from its founding shareholders. This financing aims to accelerate the deployment of decentralized energy solutions in regions where access to electricity remains limited.
A Major Mini-Grid Player in Africa
Created in 2018 by Axian Group, Sagemcom and Norfund, WeLight has set itself the mission of providing electricity to rural communities that are not connected to national grids. The company currently operates nearly 190 solar mini-grids in Madagascar and Mali, enabling more than 800,000 people to access energy.
For WeLight’s executives, this new fundraising marks an important step in the company’s development. It should make it possible to strengthen its geographical presence on the continent and prepare for a larger-scale growth phase.
The DRC and Nigeria Facing the Energy Challenge
The investment comes in a context where Sub-Saharan Africa remains the least electrified region in the world. According to estimates, nearly 570 million people there still live without access to electricity, representing about 80% of the global population affected by this situation.
Nigeria and the Democratic Republic of Congo alone account for nearly 160 million people without electricity, representing the largest energy deficits on the planet. This reality explains the growing interest of investors in alternative energy solutions adapted to rural areas.
“Mission 300” in Sight
WeLight’s expansion is also part of the momentum of “Mission 300,” an initiative jointly led by the World Bank and the African Development Bank (AfDB). This program aims to connect 300 million Africans to electricity by 2030 through the mobilization of several tens of billions of dollars.
In this strategy, solar mini-grids and renewable home energy systems are considered essential solutions for reaching populations far from conventional electricity infrastructure. For the DRC, where several million people still live without access to energy, the arrival of new investments in this sector represents a major opportunity to accelerate electrification and support local economic development.
Source: Bloomberg | Adaptation: Héritier Maila
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