IFC invests in WeLight
WeLight is a rural electrification company that deploys mini-grids in sub-Saharan Africa.
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WeLight, a rural electrification company that deploys mini-grids in sub-Saharan Africa, has announced that the International Finance Corporation (IFC) has joined its shareholding alongside AXIAN, Sagemcom and Norfund.
The transaction will enable the company to accelerate its geographic expansion with the launch of operations in Nigeria and the Democratic Republic of Congo (DRC), while strengthening its existing businesses in Madagascar and Mali. The company has deployed close to 190 mini-grids to date.
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, commented: “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.”
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