€19m investment to power villages in Madagascar
The European Investment Bank (EIB), Triodos Investment Management and EDFI ElectriFI have announced a €19 million collective investment to support WeLight Madagascar’s €28 million project to develop solar mini-grids for over 120 villages in Madagascar.
The mini-grids will provide clean and affordable energy for residents as well as schools, health centres and public spaces.
WeLight’s existing shareholders, AXIAN Group, Sagemcom, and Norfund, will provide an additional €9 million in the form of shareholder loans.