WeLight, a solar mini-grid operator active in Madagascar and Mali, has raised €27 million ($31 million) in a combined equity and quasi-equity funding round to finance its entry into Nigeria and the Democratic Republic of Congo, two of sub-Saharan Africa’s most under-electrified economies.
The round includes a primary equity injection from the International Finance Corporation (IFC), the World Bank’s private-sector arm, which is taking a minority stake in the company. Existing shareholders, Pan-African conglomerate Axian Group, French energy tech firm Sagemcom, and Norway’s development finance institution Norfund, participated via a mix of follow-on equity and shareholder loans, according to deal terms disclosed by the company on Thursday.
The expansion targets two vastly different but equally challenging markets. While Nigeria has an estimated 85 million people without grid access, the DRC faces a steeper penetration hurdle, with a national electrification rate near 20% and below 10% in rural areas, according to World Bank data. The new capital will be deployed to construct solar-battery hybrid systems in rural and peri-urban clusters where national grid extension remains economically unviable due to low population density and poor transmission infrastructure.
WeLight currently operates nearly 190 mini-grids across Madagascar and Mali, with a combined installed capacity exceeding 10 megawatts, serving roughly 800,000 beneficiaries. The company plans to commission its first Nigerian pilot sites by the first half of 2027, subject to securing tariff approvals and permitting from the Nigerian Electricity Regulatory Commission (NERC). Specific target states in Nigeria have yet to be disclosed.
“Entering these two markets presents distinct logistical and regulatory hurdles, but our operations in Madagascar have proven resilient in similarly fragmented terrains and weak currency environments,” WeLight Chief Executive Officer Benoit Marteau said in a statement. “The IFC’s equity participation is pivotal for de-risking our balance sheet ahead of these complex country entries.”
The IFC’s investment aligns with its broader strategy of scaling commercially viable off-grid platforms rather than subsidizing pilot projects. “Mini-grids are a critical bridge to universal energy access in the DRC and Nigeria,” said Wale Shonibare, IFC’s Director for Energy in Africa. “WeLight’s model has demonstrated sustainable operational metrics in Francophone Africa, and we are backing its ability to replicate those unit economics across Anglophone and Central African markets.”
The funding comes as Nigeria’s Rural Electrification Agency (REA) continues to tender public-private concession models for mini-grid development, though private developers have previously cited currency volatility and meter import bottlenecks as key profitability risks. For the DRC, the company will likely focus on eastern and southern provinces, where mining hubs present anchor-load opportunities for stable commercial off-take.
WeLight did not disclose a post-money valuation. The company last raised external capital in 2022, a €15 million debt facility from the European Investment Bank. The current round is expected to sustain operations and construction capex through the end of 2027.
