Solar Mini-grid Operator Secures $31m For Nigerian Expansion

Solar mini-grid operator WeLight has raised $31 million to accelerate its expansion into Nigeria, as the company seeks to deepen electricity access in some of the continent’s most underserved communities.
The funding was disclosed by the company on Tuesday after the International Finance Corporation (IFC), the World Bank Group’s private-sector investment arm, acquired a stake in the business alongside existing shareholders.
The investment comes as governments, development finance institutions and private investors intensify efforts to close Africa’s electricity access gap, particularly in countries such as Nigeria and the Democratic Republic of Congo, which account for the world’s two...