European Investment Bank commits $1.2 billion to boost renewable energy in Africa

European Investment Bank (EIB) has pledged more than €1 billion ($1.2 billion) to accelerate renewable energy projects across sub-Saharan Africa, strengthening efforts to expand electricity access and support the continent’s energy transition.

The funding supports Mission 300, a major international initiative aimed at delivering electricity to 300 million Africans by 2030. The commitment was announced during the EIB Group Forum in Luxembourg, highlighting Europe’s growing role in financing Africa’s clean energy infrastructure.

EIB backs Africa’s renewable energy expansion
The financing will be deployed through EIB Global, the development arm of the European Investment Bank focused on international partnerships and sustainable development.

The capital will support renewable energy projects across sub-Saharan Africa, including solar farms, wind power installations, hydroelectric facilities, and electricity transmission networks. These investments are expected to strengthen national grids while also supporting decentralized energy solutions such as mini-grids and standalone solar systems.

The funding also aligns with the European Union’s Global Gateway strategy, which aims to mobilize €150 billion ($174.28 billion) in investment across Africa by 2027, with a strong emphasis on sustainable infrastructure and clean energy.

Mission 300 electrification initiative gains support
Nearly 600 million people in sub-Saharan Africa still lack access to electricity, making energy access one of the continent’s most urgent development challenges.

“Nearly 600 million people in sub-Saharan Africa are still living without access to electricity,” said EIB President Nadia Calviño. “When some are building walls, we build bridges, supporting international partnerships and win-win solutions for a more peaceful and prosperous world.”

The Mission 300 initiative, launched in January 2025 at the African Energy Summit in Dar es Salaam, aims to accelerate electrification across the continent.

Global partnerships drive Africa’s energy transition
The initiative is jointly led by the World Bank and the African Development Bank, which are working with international partners to expand renewable energy infrastructure and strengthen electricity networks across Africa.

African Development Bank President Sidi Ould Tah welcomed the EIB commitment, noting that international collaboration is critical to meeting the initiative’s ambitious targets.

“EIB’s €1 billion ($1.2 billion) pledge strengthens Mission 300 at a pivotal moment,” he said. “Partnerships like this will help turn electrification ambitions into real connections for millions of African households.”