The $20.5 Million (€19 Million) investment into WeLight by the European Investment Bank (EIB), Triodos Investment Management, a Dutch investment fund manager, and the European Union’s (EU) Electrification Financing Initiative (EDFI) will go toward a WeLight-sponsored, €28 million electrification project where 120 communities in Madagascar are expected to be powered by solar mini-grids.
The World Bank estimates that only 33% of the Madagascarn island is electrified, making it one of the least electrified nations on the African continent.
A small solar power plant connected to a distribution network makes up the WeLight mini-grid. Both homes and businesses will receive electricity from these WeLight mini-grids and they will be charged.
According to Romain de Villeneuve, managing director of WeLight Madagascar:
“This new initiative will considerably enhance Madagascar’s rural electricity.
It will also benefit hundreds of thousands of people, greatly raising the standard of living, the local economy, and the general wellbeing of the populace.
About 250,000 people will benefit from this WeLight electrification project which The Agency for Rural Electrification Development and the Ministry of Energy of Madagascar are providing support for the project.
Around 40 solar-powered mini-grids have already been installed by WeLight in eight locations throughout Madagascar.
The newly funded electrification project will enable WeLight to grow into four new locations in the country.
EU’s ambassador to Madagascar.
Isabelle Delattre Burger had this to say about the deal:
Access to affordable and clean energy for everybody is a key sustainable development aim and contributes to the green and just transition supported by the EU’s Global Gateway strategy.”
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