WeLight raises €19 million with EIB, EDFI and Triodos Investment Management to bring clean, affordable and reliable energy to 120 new villages in Madagascar
Summary
This is an encouraging vote of confidence in the relevance of WeLight solutions to answer the vital electrification needs of deprived communities.Thanks to the support of these partners and with AXIAN Group, Sagemcom and Norfund as its shareholders, and through the operational excellence developed to serve customers, WeLight will pursue its growth in Madagascar and in other countries in Sub-Saharan Africa where such types of needs are still not answered.EIB Vice-President Ambroise Fayolle remarked, This project continues the EIBs longstanding backing of off-grid solar energy in rural Africa, following successful projects in Benin, Chad, the Comoro Islands, Mozambique and Uganda. Through these projects, the EIB aims to promote the scaling-up of the off-grid solar power model as part of its commitment to fighting climate change while fostering economic development and real improvements to peoples daily lives.ElectriFI Senior Investment Officer at EDFI Management Company Maud Watelet added: This financing represents an important milestone for WeLight, as it will unlock the companys potential to deploy more than a hundred mini-grids in Madagascar, a market with a significantly low electrification rate and challenging logistic conditions. Access to affordable and clean energy for all is an important Sustainable Development Goal and contributes to the green and just transition supported by the EUs Global Gateway strategy.The European Investment Bank (EIB) is the worlds largest multilateral financial institution and one of the leading providers of climate finance worldwide. WeLight was born out of the desire of three leading economic players, AXIAN Group, Sagemcom and Norfund, with a strong expertise in Africa, to develop and roll out renewable energy solutions across the continent. https://www.electrifi.euTriodos Investment Management (Triodos IM) connects a broad range of investors who want to make their money work for lasting, positive change with innovative entrepreneurs and sustainable businesses doing just that.