Nigeria has signed a $200 million agreement with WeLight, a pan-African Distributed Renewable Energy (DRE) company, to deploy hundreds of renewable mini grids aimed at improving electricity access in rural and peri-urban communities. The deal is part of the country’s strategy to increase the share of renewables in its energy mix from 22% to 50% while attracting private investment in the sector.
Backed by the World Bank and the African Development Bank, the project will develop 400 mini grids and 50 MetroGrids across Nigeria, providing reliable electricity to an estimated 1.5 to 2 million people. Officials believe the initiative will not only enhance energy access but also stimulate local economic growth.
WeLight, supported by international investors such as Axian Group, Sagemcom, and Norfund, formalized the agreement on Monday through a Memorandum of Understanding (MoU) with Nigeria’s Rural Electrification Agency (REA). The REA is responsible for expanding energy access to millions of Nigerians who still live without electricity.
“This MoU not only represents a leap toward providing clean electricity to millions in Nigeria but also supports WeLight’s ambition to become a truly pan-African company,” said Romain de Villeneuve, CEO of WeLight.