49984 - WeLight MG

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Summary of Investment Information

Project Number

49984

Company Name

WE LIGHT LTD

Date SPI Disclosed

Feb 16, 2026

Country

Africa Region

Region

Africa

Projected Board Date

Mar 31, 2026

Environmental Category

B - Limited

Status

Pending Disbursement

Last Updated Date

Jul 2, 2026

Department

Regional Industry - INF Africa

Industry

Infrastructure

Previous Events

Approved : Jun 10, 2026
Signed : Jun 29, 2026

Sector

Solar - Renewable Energy Generation

Project Description

WeLight (the “Company’’) is a fast-growing solar mini-grid operator, which owns and operates the largest number of mini-grids in Sub-Saharan Africa, with 186 solar mini-grids in off-grid villages in Madagascar (172) and Mali (14), and more than 50,000 total connections as of end of 2025.

The Project consists of financing the development of WeLight’s operations in Sub-Saharan Africa by (i) scaling up activities in Mali with the installation of new sites, (ii) expanding operations and the customer base in Madagascar while refinancing part of the debt, (iii) launching pilot sites in Nigeria, and (iv) launching pilot sites in the Democratic Republic of Congo (DRC) (the Project).

Associated Advisory Engagement

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	10.30
Equity	1.34

Development Impact

The most significant expected project-level outcomes stem from stakeholder and environmental effects through the provision of access to electricity and increased installed capacity in Mali and Madagascar, particularly in rural areas, via a renewable alternative. Beyond the Project outcomes, IFC anticipates that its financing will enhance market competitiveness by demonstrating an innovative and scalable business model focused on sustainable power generation. WeLight's market leadership and expertise are also expected to exert competitive pressure on other market participants.

IFC will provide both financial and non-financial additionality. Financial additionality stems from IFC's equity financing package of EUR 16.5 million including common share (EUR 1.15 million) and shareholder loan (EUR 15.35 million). This is not readily available in the domestic market for mini-grid developers, in the context of a nascent sector in access-constrained, low-income, and FCS countries. IFC's equity participation will also enhance the financial soundness, creditworthiness, and governance of the Company. Non-financial additionality consists of (i) Knowledge, innovation and capacity building: the Company will benefit from IFC's global expertise and lessons learned from strong pre-investment and investment experience in the mini-grid sector in Africa, including IFC's Scaling Mini-Grid (SMG) initiative; (ii) Standard setting: IFC will provide technical support and guidance to help strengthen the Company's capacity to manage E&S risks associated with the Project in accordance with IFC Performance Standards.

Indicator	Metrics	Comments
Number of Customers : electricity connections (distributors)	Millions

E&S Category Rationale / Risks and Mitigation

This is a Category B project as per IFC’s 2012 Policy on Environmental and Social Sustainability as E&S risks and impacts are expected to be limited, site-specific, and can be effectively managed through standard mitigation measures outlined in this document and the Environmental and Social Action Plan (ESAP).
Key E&S considerations for the project include (i) adequate E&S screening of proposed mini-grids; (ii) effective implementation of the E&S management system (ESMS) during construction and operation in compliance with IFC Performance Standards (PSs) and World Bank Group EHS Guidelines; (iii) adequate E&S organizational capacity and expertise; and adequate monitoring and reporting of E&S performance including by senior management; (iv) management of potential impacts during construction, particularly those related to occupational health and safety (OHS), human resources, contractor oversight, community safety, and waste management; (v) management of operational-phase risks associated with OHS and the disposal of broken solar panels and battery waste (including lead acid batteries); (vi) adherence to supply chain standards for panel sourcing; and (vii) meaningful stakeholder engagement supported by a functioning community grievance mechanism.

Contacts

For Inquiries About the Project, Contact

We Light Ltd
Claire ALLEGRE
Head of Finance
+261 38 49 004 15
claire.allegre@welight-africa.com
10th floor, Standard Chartered Tower, 19 Cybercity, Ebene, Mauritius
https://www.welight-africa.com/

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2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local Access of Project Documentation

We Light Ltd

Claire ALLEGRE

+261 38 49 004 15

claire.allegre@welight-africa.com

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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