WeLight MG

pending

IFC is proposing an equity investment / of up to € 16.5m to WeLight Mauritius, the holding company of WeLight Group (“the Company”) a fast-growing solar mini-grid (“MGs”) operator in Sub-Saharan Africa. WeLight currently owns and operates the largest number of mini-grids in Africa, with 186 solar mini-grids in off-grid villages in Madagascar (172) and Mali (14), and more than 50,000 connections at the end of 2025. The Project consists of financing the development of WeLight’s activities in Sub-Saharan Africa by (i) extending its activities in Mali with the installation of new sites, (ii) extending its operations and the customer base in Madagascar and refinancing partial debt service, (iii) developing pilot sites in Nigeria, and (iv) developing pilot sites in the Democratic Republic of Congo (DRC) (the "Project"). The mini-grids will be mostly located in rural villages, in both greenfield and brownfield sites, for a 20-year concession period. Each mini-grid consists of an average size of 30 kWp in Madagascar and 48 kWp in Mali, reflecting a focus on small-scale installations. Older sites in Madagascar have a lead acid Battery Energy Storage System (BESS) with a genset component; however, for newer sites in Madagascar and in Mali, WeLight transitioned to lithium-ion BESS that eliminates the need of gensets. Each mini-grid is connected through small local low voltage Transmission and Distribution (T&D) network that typically extends for 2 km in Madagascar and 4.8 km in Mali. The construction period of each mini-grid site will be around 4-6 months. Development of mini-grid is done by phases, with an average of 25 sites for the older phases and 50 for the new ones. Currently, two Engineering, Procurement and Construction (EPC) contactors have been engaged in construction and operation – Sagemcom – which is also one of WeLight’s shareholders – and NEA, owned by AXIAN Energy.