ImpactAlpha, January 19 — The majority of Madagascar’s population lacks access to electricity. Triodos Investment Management, the European Investment Bank and EDFI ElectriFI will invest $20.5 million in WeLight, based in the capital Antananarivo, to develop a fleet of solar mini-grids in rural villages in Madagascar over two years.
The mini-grids will provide low-cost and reliable access to electricity for the first time to at least 45,000 households, schools, public spaces and businesses in 120 villages. WeLight’s existing backers, such as AXIAN Group, Sagemcom and Norfund, will provide the remaining €9 million ($9.7 million) in debt for the €28 million ($30.2 million) project.
WeLight currently manages 40 mini-grids that supply clean electricity to 9,000 households in Africa.
“Mini-grids provide low-income households access to electricity and boost socioeconomic development,” said Fadoua Boudiba of Triodos. The Dutch investment manager invested in WeLight via three funds: Triodos Groenfonds, Hivos-Triodos Fonds and Triodos Emerging Markets Renewable Energy Fund.