Madagascar-based conglomerate AXIAN Group is doubling down on its “green pivot.” Through its subsidiary WeLight, the group is launching pilot sites in Nigeria and the DRC, signaling a strategic shift from its legacy energy roots toward becoming a pan-African renewable utility.
The expansion is backed by a fresh €27m investment ($31.7M). The IFC’s proposed €16.5m commitment — split between a €1.15m common share equity stake and a €15.35m shareholder loan — provides the institutional “derisking” necessary for WeLight to enter the volatile but high-reward Nigerian market.
The Nigerian “Big Prize”
Nigeria represents the ultimate testing ground for off-grid providers. Despite being Africa’s largest economy, tens of millions of Nigerians remain disconnected from the national grid or suffer from chronic outages.
AXIAN’s entry is timed with the World Bank-supported DARES (Distributed Access through Renewable Energy Scale-up) program. As of early 2026, AXIAN Energy has signed MoUs to develop over 400 mini-grids and 50 “metrogrids” in Nigeria, aiming for 100 MWp of capacity.
“Nigeria is no longer a peripheral market for us; it is the core of our 2030 vision to reach 1GW of renewable capacity,” a source close to the group’s energy division noted.
Portfolio Performance: From Madagascar to Mali
Before this latest push, WeLight built its track record in more fragmented markets. By the end of 2025, the company reported:
- 186 total mini-grids (172 in Madagascar, 14 in Mali).
- 50,000+ total connections.
- 20-year concession periods for most rural sites.
The project isn’t just about new geography; it’s about upgrading tech. WeLight is moving away from older lead-acid Battery Energy Storage Systems (BESS) and diesel gensets. Newer sites in Mali and Madagascar now utilize Lithium-ion BESS, which eliminates the need for fossil-fuel backup, lowering both the carbon footprint and long-term O&M (Operations and Maintenance) costs.
The Shareholder Synergy
WeLight’s growth is a rare example of a “conglomerate-startup” model that works. Founded in 2018, its ownership reflects a mix of industrial expertise and development finance:
- AXIAN Energy: The energy arm of the Hiridjee-led AXIAN Group, providing regional infrastructure muscle.
- Norfund: The Norwegian investment fund, bringing a “Net Zero” mandate and a $4bn balance sheet.
- Sagemcom: A French tech firm specialized in energy management and telecom integration — critical for the smart metering and remote monitoring required for rural mini-grids.
With DFI (Development Finance Institution) backing comes high-level oversight. The IFC’s review, conducted between late 2024 and mid-2025, focused heavily on WeLight’s Environmental and Social Management System (ESMS).
Audit teams visited sites in Anosibe Ifanja (Madagascar) and Sirakorola (Mali) to assess land acquisition risks and community impact. For the Nigerian expansion, WeLight is required to upgrade its screening tools to meet IFC Performance Standard 5, ensuring that the rapid scale-up doesn’t lead to land disputes or negative social externalities in rural villages.
What’s Next?
The “pilot” phase in Nigeria and DRC is expected to move fast. With construction periods for individual mini-grids averaging 4–6 months, the first Nigerian connections under the WeLight banner could be live by late 2026.
For AXIAN, the success of these pilots will determine if a firm born in the Indian Ocean can truly become the dominant renewable power player across the continent’s most populous nations.