WeLight Madagascar

With EDFI ElectriFI investment of EUR 4.5 million We Light will be able to fund the development, construction and operations of 118 new solar PV mini-grids in Madagascar.

Project overview

WeLight Madagascar SA is a company owned by Axian Group, Sagemcom and Norfund. WeLight develops a sustainable energy solution for rural population, with a proven business model, reaching already 35 villages today, leading to cross fertilization of new economic activities in the villages.

Funding objective

EDFI ElectriFI is investing up to EUR 4.5 million in senior debt alongside co-investors to fund the development, construction and operations of 118 new solar PV mini-grids in Madagascar.

2025 Update

WeLight has successfully secured a refinancing facility of MGA 37.5 billion (approximately EUR 7.5 million) from BNI Madagascar. This local currency financing marks a significant milestone, as it will help mitigate foreign exchange risks and strengthens the company’s financial sustainability going forward.

Investment rationale

The project can make a real difference in terms of clean energy access in Madagascar, a market with a very low electrification rate (<20%), reaching a total of up to 300,000 people.

Read more:

• WeLight raises €19 million with EIB, EDFI ElectriFI and Triodos Investment Management to bring clean, affordable and reliable energy to 120 new villages in Madagascar
• Developing african villages through electricity – WeLight (welight-africa.com)
• Disclosure