- European Investment Bank commits more than €1 billion for renewable energy projects in Sub Saharan Africa.
- Funding supports Mission 300 target to connect 300 million people to electricity by 2030.
- Investments will focus on solar, wind, hydropower and energy networks across the region.
The European Investment Bank through its development finance arm EIB Global has pledged more than €1 billion to support renewable energy projects in Sub Saharan Africa, reinforcing the ambitions of Mission 300 to deliver electricity access to 300 million people by 2030.
The commitment was announced by Nadia Calviño, President of the European Investment Bank Group, during the EIB Group Forum in Luxembourg.
Mission 300 was launched by the World Bank Group and the African Development Bank Group to accelerate electricity access across Sub Saharan Africa, where almost 600 million people still live without reliable power.
The financing will support the development of hydropower plants, utility scale and distributed solar power projects, wind farms and electricity networks. The programme aligns with the Global Gateway strategy of the European Union, which aims to mobilise investment in sustainable infrastructure worldwide.
The Sub Saharan Africa pledge forms part of a wider renewable energy push across the African continent. EIB Global expects to mobilise more than €2 billion for renewable energy projects in Africa over the next two years. This broader initiative was first outlined during the Scaling Up Renewables in Africa campaign held in Johannesburg in November.
Speaking at the forum, Calviño said the €1 billion commitment demonstrates Europe’s determination to expand access to clean, affordable and reliable electricity across Africa.
She noted that the investment is both an economic and development priority as hundreds of millions of people still lack power access in the region.
Ajay Banga, President of the World Bank Group, said Mission 300 was designed to bring together development banks, governments, philanthropic organisations and private investors to scale electricity connections across the continent.
He said the EIB’s €1 billion pledge strengthens the coalition supporting the initiative and will accelerate progress in delivering energy connections.
EIB Global invested €3.1 billion in Africa in 2025, focusing on financing for small and medium enterprises, venture capital funds, sustainable energy, transport infrastructure, water and health.
Over the past four years, the European Investment Bank’s investments have mobilised €73 billion across Africa, supporting a wide range of development and infrastructure projects.
Author: Bryan Groenendaal
