Madagascar solar company receives financing to connect 50,000 homes

• They aim at 90% of the country’s rural population that lacks access to electricity.
• Off-grid solar power can economically supply clean energy.
• WeLight enables consumers to prepay for their electricity through mobile banking.

WeLight, an off-grid solar firm based in Madagascar, announced on Tuesday that it has received 19 million euros ($20.57 million) to power 50,000 homes over the next two years.

Off-grid solar power, promoted by several start-ups, has grown in popularity in Africa because it can economically supply clean energy to millions of homes that are not connected to traditional electricity grids.

WeLight, which enables consumers to prepay for their electricity through mobile banking, is aimed at the 90% of the country’s rural population that lacks access to electricity, according to the company.

The European Investment Bank (EBI), EDFI ElectriFI, and Triodos Investment Management are providing funding for the project. In a joint statement, WeLight stated.

Axian Group of Madagascar, Norfund, and Sagemcom own the solar energy company WeLight, which already supplies 9,000 rural Malagasy families with electricity.

The company claimed it tested five mini-grids in Mali in 2021 and is looking into the potential in Nigeria and the Democratic Republic of the Congo.

Madagascar has a population of 29 million.

The most recent Madagascar expansion will include 120 new settlements and will cost a total of 27 million euros thanks to additional funding supplied in the form of loans from shareholders.

According to Maud Watelet, a senior investment officer of EDFI, one of the financiers, the fresh round of funding will assist the company in continuing to grow its activities.

Also Read

Billionaire calls for revisions to the failed Australia-Asia solar megaproject

Andrew Forrest urged on Thursday for a rethink of a $20 billion+...