WeLight group secures €19m in funding from European institutions for the ambitious clean energy project
WeLight, a off-grid solar company based in Madagascar, has secured €19m to connect 50,000 households to electricity in the next two years.
WeLight, which is owned by Madagascar’s Axian Group, Norwegian investment fund Norfund and Sagemcon, already provides solar power to 9,000 rural Malagasy households. The expansion in Madagascar will cost €27m and cover 120 new villages. he additional amount will be provided by the shareholders in loans.
“It will unlock the company’s potential to deploy more than 100 mini-grids in Madagascar, a market with a significantly low electrification rate and challenging logistic conditions,” she said.
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