WeLight, which operates more solar mini-grids in Africa than any other company, is planning a $650 million expansion to grow the number of people it serves 10-fold as its expands into countries with the two largest power-access deficits in the world.
The company, founded in 2018, is seeking to expand into Nigeria and the Democratic Republic of Congo, said Romain de Villeneuve, WeLight’s chief executive officer. It already operates in Madagascar and Mali and is seeking a fifth country to expand to.
The expansion adds to other steps on the continent to increase access. The World Bank and African Development Bank are spearheading a drive to invest tens of billions of dollars to connect 300 million Africans to electricity by 2030. Many of those will need to be reached with off-grid solutions like mini-grids, and the World Bank is backing funds to accelerate the deployment of the technologies.
“We are prepared for the next steps,” said de Villeneuve. “One million connections by 2030. I would like to be a bit earlier.”
The company, in which the International Finance Corp. bought a stake last month, plans to spend $450 million expanding in Nigeria and Congo, which together account for about 170 million of the more than 560 million people without access to electricity in sub-Saharan Africa. Another $200 million will be spent in Madagascar, Mali and a new country, de Villeneuve said. Related News Why the Victoria Island-Lekki gas pipeline matters WORLD IN BRIEF: Iran leader skips father's funeral, Tehran plans Hormuz shipping fees, Egypt set for €1.5bn EU payment and other stories Haaland brace dumps Brazil, sends Norway to first World Cup quarter-finals
