IFC Backs WeLight’s African Mini-Grid Expansion with Over $29 Million Investment

The latest investment by the International Finance Corporation (IFC) in rural electrification company WeLight marks a significant boost for the expansion of decentralised energy infrastructure across Africa, with fresh capital set to accelerate mini-grid deployment in some of the continent’s largest underserved electricity markets.

As part of a $29 million capital raise, IFC has joined WeLight’s shareholder base alongside existing investors AXIAN, Sagemcom and Norfund. The funding will support the company’s strategic expansion into Nigeria and the Democratic Republic of Congo (DRC), while reinforcing its existing operations in Madagascar and Mali.

The investment reflects growing international confidence in the role of renewable mini-grids as a scalable solution to Africa’s persistent electricity access gap, particularly in rural and remote communities where grid extension remains economically challenging.

WeLight’s planned expansion into Nigeria and the DRC positions the company in two of sub-Saharan Africa’s largest unelectrified markets. Both countries account for a substantial share of the continent’s energy access deficit, presenting significant opportunities for private-sector-led electrification initiatives.

The expansion also aligns with the Mission 300 programme, a joint initiative spearheaded by the World Bank Group and the African Development Bank, which seeks to accelerate universal electricity access across Africa through public and private investment.
Established in 2018 by AXIAN, Sagemcom and Norfund, WeLight has developed nearly 190 solar-powered mini-grids to date, providing electricity services to more than 800,000 people across rural communities in Africa.

The new funding will underpin WeLight’s next phase of growth as the company seeks to establish a pan-African mini-grid platform capable of large-scale deployment. The developer has set an ambitious target of installing more than 1,000 mini-grids by 2030, to extend electricity access to approximately 10 million people.
“This investment strengthens our ability to build a pan-African platform across key rural electrification markets and mobilise strategic partners to support large-scale deployment. Our objective is to accelerate mini-grid development across Africa and contribute to improving the lives of 10 million people by 2030,” said Romain de Villeneuve, Chief Executive Officer of WeLight.

For IFC, the investment forms part of its broader strategy to expand access to affordable and reliable electricity while catalysing private capital into critical infrastructure sectors across emerging markets.
The institution highlighted the broader socioeconomic benefits of mini-grid development, noting that decentralised energy projects can generate employment opportunities throughout the construction and operational phases, while also enabling local enterprise development and wider economic growth.

“IFC’s investment in WeLight advances the objectives of Mission 300 by supporting scalable electrification solutions that create jobs and stimulate economic activity,” said Fatoumata Sissoko-Sy, Regional Industry Manager for Infrastructure in West Africa at IFC. “By supporting WeLight’s expansion, we are backing a pan-African platform with strong potential to scale rapidly, attract additional private investment and drive inclusive economic development.”

The investment is supported through the International Development Association’s IDA21 Private Sector Window and Concessional Capital Window facilities, underscoring the growing role of blended finance mechanisms in accelerating Africa’s energy transition and expanding electricity access.