WeLight, a leader in rural electrification through mini-grids in sub-Saharan Africa, has announced that the International Finance Corporation (IFC), a member of the World Bank Group, has joined its shareholding alongside AXIAN, Sagemcom and Norfund.
The transaction marks a defining step in WeLight’s development. It 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 operations in Madagascar and Mali.
With this footprint in two of the continent’s most strategic markets, WeLight is taking shape as a multi-country operating platform covering some of the largest unelectrified populations in sub-Saharan Africa. Together, these markets represent a substantial share of the Mission 300 (M300) initiative, led by the World Bank Group and the African Development Bank.
This €27 million ($30 million) capital raise, bringing together IFC, AXIAN, Norfun
