
WeLight Madagascar
Period
2022
Country
Madagascar
Sector
Hybrid-Solar-Genset, Renewable energy
Financial facility
ElectriFI
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.

Key Indicators
Targeted impact
300,000 beneficiaries
Financial Instrument
Senior loan
Amount
EUR 4.5 million
Technology
Minigrids
Year
December 2022
