Solar mini-grid operator WeLight has raised $31 million to accelerate its expansion into Nigeria, as the company seeks to deepen electricity access in some of the continent’s most underserved communities.
The funding was disclosed by the company on Tuesday after the International Finance Corporation (IFC), the World Bank Group’s private-sector investment arm, acquired a stake in the business alongside existing shareholders.
The investment comes as governments, development finance institutions and private investors intensify efforts to close Africa’s electricity access gap, particularly in countries such as Nigeria and the Democratic Republic of Congo, which account for the world’s two largest populations without access to electricity.
According to WeLight, the new funding will support its expansion plans, strengthen its presence in new markets and position the company for a larger phase of growth.
The company said the investment “will allow WeLight to accelerate its development, extend its geographic presence and prepare a new phase of growth at greater scale.”
Founded in 2018 by Axian Group, Sagemcom and Norfund, WeLight develops and operates solar-powered mini-grids that provide electricity to communities outside national power networks.
The company currently operates primarily in Madagascar and Mali, where it runs nearly 190 mini-grids serving more than 800,000 people.
