The European Investment Bank (EIB) Group announced on Wednesday, March 4, that it has committed more than €1 billion ($1.16 billion) to finance renewable energy projects across sub-Saharan Africa, according to Ecofin Agency.
The funding will support the “Mission 300” initiative, a major effort aimed at expanding electricity access to 300 million people across the continent by 2030.
EIB Group President Nadia Calviño revealed the commitment during the bank’s fourth annual Forum held in Luxembourg.
The financing will be delivered through EIB Global, the bank’s development branch responsible for international partnerships and development finance.
The funds will help support a range of energy projects, including large and small hydroelectric plants, solar power facilities, wind farms, and electricity transmission networks.
These investments also align with the goals of the “Global Gateway” programme, an EU investment strategy launched in early 2022 that plans to mobilize €150 billion in investment across Africa over a six-year period.
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“Nearly 600 million people in Sub-Saharan Africa are still living without access to electricity. When some are building walls, we build bridges – supporting international partnerships and win-win solutions for a more peaceful, stable, and prosperous world,” Nadia Calviño said.
She made the remarks after meeting with leaders from the World Bank and the African Development Bank (AfDB), which jointly lead the Mission 300 initiative with support from governments, financial institutions, and private sector partners.
“EIB’s €1 billion pledge is precisely the partnership that Mission 300 needs and strengthens our platform at a pivotal moment. The African Development Bank Group is proud to stand alongside the European Investment Bank and our partners to turn this ambition into connections on the ground,” AfDB President Sidi Ould Tah said.
The Mission 300 initiative was officially launched in January 2025 at the African Energy Summit in Dar es Salaam, Tanzania.
The program is designed to accelerate electrification across Africa, with a strong focus on decentralized renewable energy systems such as mini-grids and standalone solar solutions, while also expanding connections to national electricity grids.
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Image Credit: 2eu.brussels
