- WeLight secures $21 million to help 250,000 people in rural Madagascar access clean electricity.
- The financing will help to connect as many as 120 villages and businesses in Madagascar.
WeLight, a company co-owned by Axian Group, has secured 19 million euros ($21 million) in funding from a group of lenders, including the European Investment Bank (EIB), to help 250,000 people in rural Madagascar gain first-time access to clean electricity.
The group, comprised of the EIB, Triodos Investment Management and EDFI ElectriFI, a European Union-funded Electrification Financing Initiative, will fund the construction and development of small solar-powered mini-grids in over 120 villages in rural Madagascar.
The financing will help connect as many as 45,000 households and businesses in Madagascar to the nation’s power grid, enabling them to access clean and affordable energy.