WeLight gets funds for rural electrification project in Madagascar
Madagascar countryside. Image by: The Meeco Group (www.meeco.net).
Africa-focused clean energy provider WeLight, part of pan-African diversified holding Axian Group, said that it has secured EUR 19 million (USD 20.6m) in financing to install solar mini-grids in over 120 villages in Madagascar.
The firm raised the amount from the European Investment Bank (EIB), Triodos Investment Management and EDFI ElectriFI, the EU-funded impact investor in electrification in emerging markets, to support the EUR-28-million project. WeLight’s shareholders Axian, French industrial group Sagemcom and Norwegian investment fund Norfund will together contribute the remaining EUR 9 million in the form of shareholder loans.
The mini-grids will feature a solar power plant, an energy storage system, a distribution line and a meter for each customer, the EIB said in a separate announcement. According to the EU lender, only about a quarter of Madagascar's population has access to electricity at present.
WeLight expects the project to serve over 45,000 households and businesses in rural Madagascar for the first time, enabling access to electricity to around 250,000 people.
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