The European Investment Bank (EIB), Triodos Investment Management and EDFI ElectriFI announced their new collective investment of €19 million to support WeLight Madagascar’s €28 million project in Madagascar. The investment will enable WeLight to build and develop solar mini-grids to supply electricity to over 120 villages in Madagascar which currently have no access to the electricity grid.
WeLight existing shareholders AXIAN Group, a Pan-African group specialising in real estate, telecoms, financial services, energy and innovation; Sagemcom, a French industrial group and world leader in high added-value communicating terminals and solutions; and Norfund, the Norwegian investment fund for developing countries, cumulatively bring the remaining €9 million in the form of shareholder loans. The new mini-grids will provide residents in off-grid rural villages access to clean and affordable energy. Alongside homes and businesses, the project will benefit schools, health centres and public spaces, strengthening the local economy and improving health, security and education.
Made up of a solar power plant and energy storage system, a distribution line and a meter for each customer, a mini-grid can supply electricity 24 hours a day, seven days a week. The 120 additional villages cover 17 regions and were selected thanks to outstanding work with Madagascar’s Ministry of Energy and the Agency for the Development of Rural Electrification (ADER).
At present around a quarter of the population in Madagascar has access to electricity. Off-grid solar technology has proven to be a fast and effective solution to accelerate economic growth and sustainable development in regions where connection to the grid is still challenging.
Romain de Villeneuve, Chief Executive Officer of WeLight Madagascar, said, “This new project will significantly improve rural electrification in Madagascar. It will also positively impact hundreds of thousands of people, greatly enhancing living standards, the local economy and people’s well-being.
WeLight has already deployed its solutions in more than 40 rural communities. The EIB, ElectriFI and Triodos, all of them financial experts in this industry for Africa, are now partnering with us to cover 120 additional villages. This is an encouraging vote of confidence in the relevance of WeLight solutions to answer the vital electrification needs of deprived communities.
