Launching Works on 120 New Mini-Grids in Madagascar
Antananarivo, September 19th, 2023 – Following a successful funding round earlier this year, WeLight today celebrates the inauguration of its very first site of a new phase that includes over 120 planned villages in Madagascar. This opening signifies the onset of an ambitious project stretching from September 2023 to June 2024, showcasing WeLight’s speed and efficiency in fulfilling its commitments.
The momentum between the fundraising in the first quarter of 2023 and the work commencement in this period stands testament to WeLight’s resolve and operational efficacy.
This grand-scale project was made possible by mobilizing €19 million from esteemed financial partners such as the European Investment Bank, Triodos Investment Management, and EDFI ElectriFI. They join WeLight’s longstanding shareholders, AXIAN Group, Sagemcom, and Norfund, who also reaffirmed their trust by injecting an additional €9 million in the form of shareholder loans.